Gambling while in an IVA ?

[Helper]

Hi,
I have a question, on behalf of two friends, a couple. But it's hard to broach this without it appearing to be crazily 'unwise'. Oh well, I'll just ask: Is it actually against the law, or any regulation, to 'gamble' while paying off debts? (Either in an IVA, or any other voluntary arrangement).

I feel I must add here that I am NOT trying to get my lovely, (but scared to death, friends) into gambling to try to help them out of debt.
I agree wholeheartedly that this would indeed be crazy.

But...

Although strictly a NON gambler myself, I have come across a way of 'gambling' that ensures a return with absolutely, totally and completely NO RISK to any stake invested. This is (apparently) called 'matched betting' and is well known, and tolerated, by bookies.
I have been a life long 'anti' of any form of gambling, and so have ignored all explanations of this method. Until I actually tried it myself... and it's quite true. There is NO risk to capital.

In fact, for this to work, any 'bet' HAS to have an OPPOSING lay (or losing) bet to make it work!! The long and short of all this is that I am now sure that my lovely friends would find an extra (LEGAL) 60 to 100 quid a week life changing.

At the moment they ARE paying their debts... but it's killing them and they are terrified of risking being 'found out' doing ANY kind of 'gambling'.

Again, I too am a gambling 'anti, but this is not gambling in the true sense. It is a way of claiming bookies' introductory 'bonuses' for signing up.

Would you definitely advise against them trying this?

Regards,

Geoff.

[Adam Davies]

Hi
I guess if you are using your own saved funds from your expenses allowance then gambling would be ok, the problem would be the winnings as they would be classed as a windfall and payable into your IVA.
Regards

[Foggy]

Hi Geoff, to be honest I don't believe there is any sure fire way of winning in the long term by gambling. The problem here, and encountered by many gamblers, is knowing when to stop! This is also what the bookies are betting on themselves, and the odds are well stacked in their favour.

[ginger3232]

Geoff - what a caring friend you are ! - as with these "problems" you need to ask are there missing out on a good diet? - or other essential things in order to gamble?? - if so you need to point them in the direction of some professional help - however in the end they must decide for themselves that they have a issue and deal with it with support

[Rosepetal]

i've seen other posts,not just here, where the person is up to their neck in debt partly due to gambling.

i now know at some points last yr my hubby was secretly spending on lottery in the hope he'd win & be "able to sort everything out", very scary indeed.

life is not like that. if he'd won this time last year i don't beleive the important lessons learnt would be effecting us in such a positive way that they are now. the discipline that the IVA has brought is something that gives me hope that we/i will not be in this situation again,a win would have taught us nothing.

if someone has a weakness towards gambling it can be v difficult keeping it "under control".

i've played the lottery,£1 a time & rarely won a tenner. agree with ginger,better spent on good food, there's no such thing as "sure bet"

off my box now[:)]

[kallis3]

Must admit that we do have a fiver a week on the lottery but that's all the gambling we do.

I even went to Las Vegas many, many years ago, won $50 on a one armed bandit and walked away with those winnings! I actually left there in profit.

[Shining]

I have a pound a week on the lottery but never gambled as such a bigger amount. I once put a bet on a football match, no idea what I was doing and won! (son was mascot so was in the players lounge). Total fluke!

[kallis3]

You did well there Lesley!!!

I used to do the pools but the lottery is it these days.

[Shining]

More luck than judgement I have to admit Jan. x

[Foggy]

Years ago I was staying at my in laws when the Grand National was on. My in-laws always put a small bet on this race (never on anything else). Anyway -- when on the way out F.I.L shouts to ask if I want to put a bet on. Now, all I know about horses is they usually have a leg at each corner, and if they don't, they make glue!

So I picked a name at random and shouted down to put a fiver on it to win.

Was I chuffed when it actually came in at something like 20-1 !!!

Short lived though, when F.I.L admitted he'd put 50pence on it, each way, as he couldn't bring himself to bet £5!!! Oh well ....

[TheMatrix]

I used to do the pools but the lottery is it these days.

The Pools are they still going, I remember as a nipper the pools man used to come round on a Friday knocking on the door for my dads coupon. Long before I could legally play but he did put a line on for me back then [:D]

[Tina Shortland]

It's a tricky one and even though the odds seem good and it seems there is no way to lose I would be more concerned about the discreet addiction that could be building if things go well. Thats all good but its the time when things go badly that the damage comes to the surface - someone believes they can bet more to get themselves out of trouble and so the problem begins.

Personally I would say if there budget is manageable and they have spare cash to make bets it would be more wisely used elsewhere for treats or to save for something bigger andas Andy rightly points out - any big wins will be taken as a windfall.

If 'matched betting' is the same as 'spread betting' then we have dealt with people who have got into an awful mess with it - i'm not up on the terms enough to know if the two are the same.

Regards,

[luluj]

Apart from the occasional lucky dip and the odd Grand national draw no gambling my way !

[TheMatrix]

If 'matched betting' is the same as 'spread betting' then we have dealt with people who have got into an awful mess with it - i'm not up on the terms enough to know if the two are the same.

Two different animals, spreadbetting is risky, very risky. I'd go as far as saying the only winner in that game is the spreadbetting company, they win on the spread whether you win or lose the bet.

Match betting on the other hand, can give a guaranteed profit by playing one bookmaker off against another, usually an exchange like betfair where you are able to play the role of 'bookie' by laying a bet to lose. If you could cover all outcomes, win lose and draw then you're guaranteed a profit by using introductory sign up bonuses and that's where matched betting comes from.

[nepensioner]

This all seems too complicated to me. Personally I would have thought they would be lucky if in an IVA to have spare money to do this, and if they have spare money they may be safer putting it under the mattress.