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silly
Contributor

8 Posts

Posted - 20 April 2017 :  12:42:05  Show Profile  Reply with Quote
Why is it necessary when in the process of setting up a Trust Deed that no gambling should show on bank statements?

TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 20 April 2017 :  12:55:18  Show Profile  Reply with Quote
Welcome to the forum silly.

The issue at stake is whether someone who has experienced a serious problem with gambling, to the extent that it has left them in financial difficulty (or contributed significantly to their financial difficulty) has been successful in ceasing to gamble.

For many people this can be really tough, take some time, and may require significant support.

The chances of a trust deed being successful where the user continues to gamble are pretty low, so it's not really doing anyone much good by going ahead until there's some evidence that such an issue has been confronted and addressed.

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TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 20 April 2017 :  13:09:54  Show Profile  Reply with Quote
Hi again silly,

Here's a link to an article we wrote last year on this very subject:

https://www.trust-deed.co.uk/news/gambling-debts.php

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David Tannock
Trust Deed Expert



2031 Posts

Posted - 20 April 2017 :  15:05:39  Show Profile  Reply with Quote
Hi silly and welcome to the forum.

Have the firm you are speaking with told you that you need to wait until the gambling falls off before proceeding with a Trust Deed?

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tinsoldier
Advanced Contributor

674 Posts

Posted - 20 April 2017 :  15:30:55  Show Profile  Reply with Quote
I'd go as far as to say that no trust deed should be set up were there still issues with gambling - from both sides.
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TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 20 April 2017 :  15:43:27  Show Profile  Reply with Quote
Well... for many people gambling is simply recreational and doesn't consume an excessive proportion of their disposable income.

When does it become an 'issue'? Ask ten people and you might get ten different answers.

It's always difficult to put blanket rules in place for matters such as this. Some people can stop gambling immediately. Others might need months of dedication and support to reach the same point. Some may not try to stop at all, irrespective of the consequences.

An adviser will need to apply discretion and judgment.

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silly
Contributor

8 Posts

Posted - 20 April 2017 :  15:48:00  Show Profile  Reply with Quote
Hi

Yes they have said to wait until the gambling falls off which is fine as it was stopped immediately
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TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 20 April 2017 :  15:50:10  Show Profile  Reply with Quote
Good for you silly.

I think that your trustee is exercising a duty of care to you, even if that may feel a little frustrating right now.

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David Tannock
Trust Deed Expert



2031 Posts

Posted - 20 April 2017 :  15:56:26  Show Profile  Reply with Quote
I can understand why you would say that tinsoldider but I donít think that should be a blanket approach.

When I met with a client face to face I discuss their gambling, what they are doing about it, are the seeking help, going to gamblers anonymous and then make a decision on this basis. Having over 13 yearsí experience of doing this helps. If I feel that they are proactively dealing with things them I will allow them to proceed with a plan. If not they we consider delaying things.

It's often the case that with gambling the debts can be large and this can result in a lot of phone calls and pressure from creditors if there are non payments. For a client to have to wait 3 months until that firm will allow them to proceed can feel like a lifetime. To allow someone to enter into a plan can help with this and allow a client to positively deal with things rather than delay this.

Itís about open and honest communication with their relationship manager moving forward in a plan.

Can you tell us a little more about your situation silly as we may be able to help a lot quicker than waiting 3 months.

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silly
Contributor

8 Posts

Posted - 20 April 2017 :  17:02:19  Show Profile  Reply with Quote
Fortunately the 3 months is almost over, just another couple of weeks to go and everything will have fallen off
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kdog7
Advanced Contributor

99 Posts

Posted - 20 April 2017 :  18:14:35  Show Profile  Reply with Quote
My TD was set up in 2013 due to major gambling problems. Some of the debt relatively new. I did start councelling and completed my trust deed with no issues. You did not source the money illegally but the first step is finally admitting a huge problem. My trustee showed faith that I was addressing it. I am now totally discharged from trust deed, have 2 credit cards with decent limits although only use them sparingly now and life is so much better.
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David Tannock
Trust Deed Expert



2031 Posts

Posted - 20 April 2017 :  23:46:17  Show Profile  Reply with Quote
That's good to hear silly. Not long now to wait.

When you were speaking with the company how far along did you get? Did they go over a very thorough income and expenditure and look at any of your assets?

Also, did they explain all of your options such as a Debt Arrangement Scheme, a Trust Deed and also Sequestration?

Advice and service can vary from firm to firm and you need to ensure that you are completely comfortable with everything to do with your situation and you have spoken with a qualified expert. We always advise clients to speak with a couple of advisors from different firms to really gauge this. Kevin or I would be happy to give you some advice.

Important things with it comes to a Trust Deed is the payment needs to be affordable. Also, if you do have any assets you need to ensure that its confirmed in writing how these will be dealt with. Another important factor which is over looked is how long it will take to receive your discharge once you make your final payment.

If you take your time, do a little research of your own and ask a lot of questions I'm sure everything with work out fine.

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Kevin Mapstone
Trust Deed Expert



3366 Posts

Posted - 21 April 2017 :  08:37:48  Show Profile  Reply with Quote
Interestingly, gambling is often viewed much more harshly when someone enters bankruptcy. It is cited by the Accountant in Bankruptcy as one of the reasons why a Bankruptcy Restrictions Order should be considered. This is where the term over which normal bankruptcy restrictions apply is extended as a kind of punishment for a person's behaviour before or during a bankruptcy.

There are no such restrictions associated with Trust Deeds, which may make them a more suitable solution for someone who has built up debts due to gambling.

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silly
Contributor

8 Posts

Posted - 22 April 2017 :  12:55:37  Show Profile  Reply with Quote
Hi

Yes I have done an Income & Expenditure with them. I have no assets except my house which is what I am trying to protect. A DAS was mentioned at the outset but that was all. Interestingly I did an online questionnaire at StepChange which recommended a DAS and not a Trust Deed. I am not sure Sequestration would be an option, from my limited knowledge would I not jeopardise my property if I went down that route? Unfortunately I feel time is now of the essence, I had no option but to miss, for the first time ever, monthly payments to my creditors and I now wonder what the implications will be if I have to do that again until my Deed is set up, which I believe will be approximately in 6 weeks time. I guess I now need, for me, the quickest solution in place.
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David Tannock
Trust Deed Expert



2031 Posts

Posted - 22 April 2017 :  13:16:52  Show Profile  Reply with Quote
Hi silly,

Thanks for sharing the extra information.

The most important thing is your property and when it comes to a Trust Deed or Sequestration a valuation must be carried out against your house and a settlement figure obtained to calculate the equity.

Do you know if this has happened and if you have any equity?

Also, have you actually met with a qualified advisor in person to discuss things? When considering something like a Trust Deed as it involves your house you need to be sure you understand everything and the implications.

A DAS should also be fully explained to you and also Sequestration. I would question things if both these options haven't been fully explained to you.

In terms of setting up a plan this can be done as quickly as you would like. For example I could put you onto a Trust Deed within 24 hours. Doing something they quick isn't recommended but I'm just giving you an example of how quickly things can work.

Try not to worry and over think things. If you reach out to a qualified advisor they can help you very quickly. As I said Kevin or I the two experts on here can help.


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silly
Contributor

8 Posts

Posted - 22 April 2017 :  13:27:38  Show Profile  Reply with Quote
Yes a desk top exercise was carried out to determine the equity which has been included when calculating what my monthly payment would be. I have also been advised since this was done at the outset it cannot be revisited. I have met with my adviser twice now so I am at the stage of getting "clean" bank statements to them hence why I estimate the time it may take. I have opened a new account and switched direct debits etc so just waiting for this "normal" activity to show so things can move forward. 24 hours does sound very attractive, however, I deal with your firm in a professional capacity and I am trying to keep this as anonymous as possible as it is so very very out of character of me to find myself here. If I can retain anonymity I would consider a quicker option though.
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