Being honest about how much you owe and to whom is the first step in overcoming a debt problem.
Although it can be overwhelming to face up to the total amount owed, it is important to be honest with yourself and to understand the extent of the problem.
Independent debt advice centres will help you through the process of paying back your debt. They can help you review your situation, decide on the best course of action and help you take the steps to get your finances back on track. The services are also free.
There are a number of options that an adviser will consider for dealing with all the debts together. Different options will suit different circumstances but they include consolidating, bankruptcy, IVA’s, (Individual Voluntary Arrangement; a legally binding way to avoid bankruptcy) administration orders and debt repayment plans. The advisor will suggest the best solution to your debt problem.
The path to clearing your debt can take time but every step is a move in the right direction.
It is important to get support for a gambling problem as well as getting help for the debt. Simply ‘repairing’ the debt problem without tackling the reasons why you got in to debt in the first place will only put you at risk of further debt in the future
You can talk to someone in confidence about your gambling problem by contacting us to arrange an appointment.
Get support for your gambling problem with Birmingham, Dudley & Solihull Gambling Service by calling 0121 414 0888. Taking positive steps to understand your gambling will eventually help you stay out of debt in future
Be honest about what arrears and debts you have
Realise that more gambling is not going to solve the problem; in fact it may make it worse.
Learn to create a budget and stick to it!