Gambling
Gambling is ok as a leisure activity; it isn't illegal, it's your money, why should a credit union be interested in gambling?
We work to support our Members and support them to flourish in life. We do a money healthcheck on all our loan applications. If we notice something that we think you should know, then we will tell you about it and suggest things you could do; it's always a good idea to take a look at what you're spending and think about ways you can cut back on spending. Gambling is well known to be addictive, so we will signpost if we can see a lot of gambling transactions, or a high proportion of spending. We do occasionally decline a loan application if gambling transactions indicate harmful practices, such as using overdraft to gamble, borrowing to fund gambling, etc.
Excessive gambling can become harmful; seriously affect mental health, problems sleeping, family life, relationships, trust issues, employment and your ability to borrow money from other lenders. Research into harmful gambling finds that on average for every person with a harmful gambling habit there are 10 people around them affected by their gambling; partners, children, friends, work colleagues. We would prefer to help you manage your money well, enjoy healthy relationships before lending; a loan could make things worse for you.
Advance Credit Union's experience
We see a lot of gambling payments on bank statements; lottery, bingo, gambling websites and many others. We very rarely see deposit transactions from gambling wins.
What we do
We encourage all our Members to think about how they spend their money. Prioritise the important stuff, get good value when spending.
We will signpost to free support and resources if we can see that there are excessive gambling transactions.
Less than 1% of the loans we decline are due to gambling.
'thank you for mentioning my gambling, I knew it was getting worse, that was the wake up call I needed.'
AdvanceCU Member
What you can do
- Set a budget. How much can you afford to lose?
- Make sure you pay the mortgage, rent, household bills first
- Share with others about your gambling; don't hide it away
- Block gambling transactions on your bank accounts - ask if your bank/building society can enable this
- Are you chasing your losses?
Resources
Want to know more?
see the MoneyHelper guide to gambling.
If you or someone you know is affected by harmful gambling, don't suffer in silence; there are lots of support organisations locally:
Aquarius is a local charity providing support and guidance on gambling. They can be contacted on 0121 414 0888 or online at aquarius.org.uk/gambling
The charity Gamcare also operate the Freephone HelpLine 0808 8020 133 or online at www.gamcare.org.uk
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