The kind of person who gambles is a big cliché – the old man in the trench coat, heading from the pub to the bookies, a glint of desperation in his eye as he puts his last pennies and all his hope on a bet. But the popularity of online gambling means it isn't just the cliché that's a victim, now a growing number of men and women from middle class and upper class backgrounds are getting themselves into debt, desperate for debt management solutions to bail them out.

Debt management on the increase

The problem is so big that an MP for the Scottish National Party, Mike Weir, has called for a cap on internet gambling, so websites will only accept one card per gambler and that credit card has a limit of £1,000 per week. Even with such a cap, the debt from gambling can be astronomical in a scarily short space of time – extreme debt management solutions such as declaring yourself bankrupt could be the only option left for some.

Increased availability of gambling

There are fears that the availability and accessibility of gambling online means more people could end up being hooked with a gambling addiction. It's estimated that four million people play online each month and gambling debts are forecast to grow 22% with fears over the quantity of gamblers with serious debt. For some, even debt management solutions such as taking out an IVA may not be sufficient. The average online gambling debt in the UK is said to be £25,000.

Effective debt management needed

Without effective debt management, the impact of online gambling could be drastic. Doctors told the British Medical Association that they had concerns about the fact it had become far easier to gamble, despite little support being in place to help those addicted. The extreme news stories such as the addict who lost £50,000 and ended up ferrying drugs to pay off his debt offers a warning to the risks, but for those susceptible to addiction, they simply aren't enough. But it's estimated that more debt management solutions will be needed to help address the growing problem.

Debt Management Solutions with Varden Nuttall

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0800 031 9802 or fill in our online enquiry form.