Latest Debt News
Gambling debts spiral out of control
03/01/2006 12:44:00
A man who became addicted to gambling dug himself into an insurmountable debt hole after frittering away £1.9 million.
Over the course of two and a half years, the father from Leicestershire was left with more than £300,000 of debt after turning to internet gambling using credit cards, according to the Sun.
The sorry tale of a man struggling against debt shows a depressing desperation as he gambled away £100,000 belonging to the family business and £15,000 of savings belonging to his eight-year-old daughter.
The situation only came to a head when the man's father sacked him from the company, paid off £200,000 of his debts and forced him to file for bankruptcy.
The man's father told the paper: "He used to be honest and hard-working but in two years he blew a fortune.
"I can't understand why the banks and card companies didn't spot the debt and stop lending to him. In one day he bet £60,000."
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