Gambling Debts: Charles’ Story
After the death of his wife, Charles’ gambling debts were growing. Because he was spending so much time alone, he developed poor financial habits – gambling both online and at slot machines located in local venues. Charles was no longer able to keep up to date on his car payments, and he had accumulated high debt loads on his credit cards.
Charles debt load was as follows:
|Credit Card 1
Charles was made aware of his growing gambling debts and wanted to regain control, so he reached out to us for a free consultation.
A Licensed Insolvency Trustee was able to speak to him and explain that if he was unable to continue payments on his car, he could return the vehicle to the secured creditor, but to do so, the LIT would take possession of the vehicle and a bankruptcy ‘stay of proceedings’ would protect him against the creditors.
This was a relief for Charles, and he was able to make 21 monthly payments of $150 to settle his debts.
Charles also had two counselling sessions to discuss his income and expenses as well as a healthy use of credit. Charles also received help with his gambling addiction at a treatment center and he called to let us know that his life was back on track.
He now keeps busy volunteering and playing cards with friends at a local senior center and was able to keep up with his bills.