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diomur95
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3 Posts

Posted - 22 February 2021 :  10:48:56  Show Profile  Reply with Quote
If u bet online when in a trustdeed because u didnít know it wasnít permitted , what can happen ? Can the trusteed fail

TDA (Debt Adviser)
Trust Deed Expert



13654 Posts

Posted - 22 February 2021 :  11:31:43  Show Profile  Reply with Quote
Welcome to the trust deed forum diomur95.

There's no general restriction on gambling when you're using a trust deed.

A modest amount of spend (perhaps in line with your recreational budget for example) is really only your business.

More significant gambling expenditure might be seen as a hint to a trustee that you can actually afford to pay more into your trust deed.

There's clearly a much more significant risk to the success of your trust deed (and other things) if gambling expenditure results in the use of new credit and/or falling behind on the payment of essential household bills.

It's probably also worth taking into account that a significant win should be notified to your trustee and they'll likely require that the money is paid over to help repay your creditors. So you could find yourself risking your limited spare money without standing to gain much (if anything) if you got lucky with a significant win.

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Paul McDougall
Trust Deed Expert



101 Posts

Posted - 22 February 2021 :  11:35:27  Show Profile  Reply with Quote
I agree with TDA

There is a difference with gambling being a hobby opposed to an addiction.

I would keep in in check for the reasons mentioned above.

p

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diomur95
New Member

3 Posts

Posted - 22 February 2021 :  11:52:22  Show Profile  Reply with Quote
The betting was done for a boyfriend, his card got declined for a security check so he asked if I could do it for him so any money went out came back in from him and any winnings went to him , but it was only once or twice winnings came in. So do I just explain this if I get asked during my review ?
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TDA (Debt Adviser)
Trust Deed Expert



13654 Posts

Posted - 22 February 2021 :  14:56:15  Show Profile  Reply with Quote
I think that's right diomur95.

If you're able to explain and evidence what happened then that could be helpful. If the sums of money are modest you may well not be asked about it at all.

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