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IVAs `an option` for those with gambling debts

27/04/2007

Gamblers in the UK who have accumulated large debts should consider an individual voluntary arrangement (IVA), an expert suggests.

Instead of filing for bankruptcy, those with gambling debts can organise an IVA if they can prove that their days on the slot machines or roulette wheels are over, according to licensed insolvency practitioner Phillip Allen.

Mr Allen states that people who are judged to still be "chasing their debt", or looking for funds to gamble further, are likely to be treated more harshly by creditors.

"With media attention focused on the location of a new super-casino, it`s easy to forget that by far the biggest cause of gambling debt is online gaming," said the insolvency practitioner.

"More than 1,700 gambling websites currently target the UK consumer and the average online gambling debt now tops £30,000."

Earlier this year, Manchester was chosen as the venue for the UK`s first super-casino, but since the decision was made there have been calls for it to be built in other parts of the country.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according