Gambling & Wreckless Spending Before Bankruptcy

Heavy_Shoulders

Hello,

I am new to this forum and this is my first post.

I have sought independent advice and due to my circumstances I've been advised that bankruptcy is my best option, with a high probability of receiving a BRU.

However, after receiving this advice, I withdrew £7000 in cash on credit cards and I used it primarily for gambling. I considered the cash available as one last shot to try and win enough money to repay my creditors, whom I owe approximately £50,000.
It was going well and I had even doubled my money at one stage. However, the more I won, the more I increased my stakes and have now blown it all.

In hindsight, I now recognise that this was an irrational idea, no doubt driven by my poor state of mind at the time
What I would like to know is how this stupidity will affect my bankruptcy application?

Thank you for taking the time to read my post and I welcome all constructive advice.

debtorwithaquestion

Firstly well done for admitting you've a problem (genuinely mean that). That's the first step in resolving the issues. I would say that you are best being totally honest at all times when it comes to bankruptcy.

That said, you probably don't need to over explain everything. For example; if you're asked why you withdrew the £7000- of course tell the truth, but if it were my situation I wouldn't offer up too much info without being asked.

On the application form online I'm sure each debt you list asks for the reason for that particular debt if it was ALL gambling, then put that. If some was for living costs, put that. Don't over explain yourself. The OR will decide if they need more info from you.

That's just my opinion having gone through a DRO myself and having helped 2 family members go through bankruptcy (one of which has had similar gambling issues).

I hope this helps but I'm sure many others know more about the BRU side of things than me so please let someone else advise too. Stepchange are great by the way!

fatbelly

You may well get a BRU/O but it's likely to be 2.5 - 3.5 years which is not a massive problem. Just be honest and open and make sure you can evidence where the money went, if asked.

peterkay369

4 year BRU here, cant remember exact figures but approx 65k total debt, majority was for gambling.

First things first, get help for your gambling. I was referred to Breakeven through Gamcare and they have been excellent.

OR will question the debts, just answer honestly. They wont judge you, and they will have heard it all before anyway so dont feel pressured.

Rikki111

Hi guys

I have been gambling over the past 3 years and it has ruined my life, my relationships and the state of mind. I have been depressed for quite some time and even considered to end my life at times but perhaps not strong enough to do it.
I'm in debt around 40 k in total in loans, credits cards, overdrafts and from partner. I did try self exclude for a period of time but I can't seem to stay away from it for long.
Usually, it happens when I'm off, alone and have access to any money..
I can't declare myself bankrupt as I work in the banking industry, don't wanna risk losing my job.

I seriously need help and would appreciate any suggestions

Scooby99

I got about 35k in debt due to gambling and was told in my original OR interview I would have to have an interview about it. Its 3 weeks from my discharge and I have heard nothing more about it so it looks like I got away without a BRO. I excluded myself from online gambling sites and do not miss it at all. Its a relief not to feel like Ive got to win it back to get myself out of the hole.

National_Debtline

Hi Heavy Shoulders


Welcome to the forum, and well done on taking steps to deal with your debts. I would agree with the other posters here, you may get a BRU because of the gambling but hopefully it won’t have too much of an impact on you, plus getting the debts written off will give you the fresh start you need.


Hi Rikki111


I’d recommend starting a new thread on the Debt Free Wannabe board for advice on your situation. Ideally post a statement of affairs (SOA) to give other posters a good idea of your situation http://www.stoozing.com/calculator/soa.php.


Susie
@natdebtline