Gambling and proposal question

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catfish

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Gambling and proposal question
« on: September 16, 2015, 07:17:09 PM »
Help from anyone would greatly help! Unfortunately i have been caught up in a gambling addiction that has caused me much grief, The addiction was not dealt with until it was to late. Now that i have entered the self exclusion program and gamblers anonymous the problem is under control and made me realize how serious this addiction is. Over a period of 5 years i used credit cards for cash advance and lines of credit plus cash in my RRSP to fuel my problem. Now that i have been clean for two months the minimum payments on all my debt takes my whole income. This is something i did to myself and to use bankruptcy for a way out is just not right in my view. A consumer proposal would at least give the creditors some of there money back but do they even consider proposals for this or is there any other options. If anyone has been thorough this i would love to hear a suggestion or advise thanks so much

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NotATrust-E

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Re: Gambling and proposal question
« Reply #1 on: September 16, 2015, 08:51:33 PM »
Do they even consider proposals for this?
From what I understand, unless the bank/credit card company is very dissatisfied, they won't even look into the reason why you are filing.

Are there any other options?
Not unless you can arrange something with your creditors or do credit counselling, in my opinion.

Gambling is treated specially in bankruptcy (and not in proposals), and your discharge may be delayed and/or you may have to pay additional money. It depends on the scale of your gambling, your location and your trustee.

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johnguyto

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Re: Gambling and proposal question
« Reply #2 on: September 17, 2015, 11:45:04 AM »
It's fantastic that you have taken control of your life and you're taking the next steps to secure your financial future.  As NotATrust-E said gambling isn't a factor in CP as it is in bankruptcy. When I filed my CP back in August, my trustee did ask me if any of my debts were a result of gambling.  Your trustee has to include a reason in your CP as to why you built up debt.  My trustee told me that 9.5 times out of 10, the banks never actually read your reasons. They just want to know how much you owe and how much they'll get back before they vote.

 

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novascotiaman

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Re: Gambling and proposal question
« Reply #3 on: November 16, 2017, 01:34:47 AM »
Hi,

Can you please update me if how did your aplication go? Thank you

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fireguy233

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Re: Gambling and proposal question
« Reply #4 on: November 19, 2017, 09:32:27 PM »
Hello Catfish,

I also had a gambling problem and used payday loans amongst other financial products to fuel this. This was how i ended up so far in debt as well. Not to worry when i filed my proposal i spoke with the trustee and was upfront about all the gambling. All they wanted to know was, had i sought help, had i self excluded and had i quit. Not that these are qualifications to qualify they just want to be sure that you will be able to meet the commitments of your proposal.

Completed my proposal just over a year ago and havent looked back.

Cheers


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novascotiaman

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Re: Gambling and proposal question
« Reply #5 on: November 20, 2017, 02:17:30 PM »
Hello Catfish,

I also had a gambling problem and used payday loans amongst other financial products to fuel this. This was how i ended up so far in debt as well. Not to worry when i filed my proposal i spoke with the trustee and was upfront about all the gambling. All they wanted to know was, had i sought help, had i self excluded and had i quit. Not that these are qualifications to qualify they just want to be sure that you will be able to meet the commitments of your proposal.

Completed my proposal just over a year ago and havent looked back.

Cheers


Hi fireguy,

Did they put gambling as reason for debts in your proposal? Did you mentioned how many percent of your debt was due to gambling? How much did you owe and how much did you settle to pay. Thanks

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fireguy233

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Re: Gambling and proposal question
« Reply #6 on: February 02, 2018, 12:10:31 AM »
Yes gambling was put as a reason. However they wanted to know what I had done to rectify the gambling situation

 

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