I have lost a significant amount of money. What should I do?
Gambling can feel exciting, but it often goes wrong and you lose a lot of money. That can lead to serious problems, such as financial concerns, relationship issues, or stress.
If this applies to you, it is important to act immediately. We outline a number of steps you can take.
Seek help with OpenOverGokken
We are here to help you. Are you concerned about your gambling behaviour or do you have debts due to gambling? Feel free to call us or send a message. This is free and anonymous.
We listen to your story, provide advice, and work with you to find solutions.
Get a grip on your money with Geldfit
It is important to know where your money is going. Geldfit can help you. They provide advice on financial matters and show which organizations in your area can support you.
Reflect on your gambling behaviour
Pause and consider your behaviour. Ask yourself:
- Why do I gamble?
- Do I gamble to forget stress or sadness?
- Do I need money?
- Do I have enough other hobbies that bring me joy?
If you know why you gamble, you can do something about it. For example, you can set a limit or stop gambling altogether. This is an important step towards making better choices.
Make a plan to pay off your debts
Talk to people you trust
You don’t have to do this alone. Tell someone what’s going on. For example, a friend, family member or your partner. They can support you, think things through and help you persevere.
Consider professional help
Are you unable to stop gambling on your own? Then seeking professional help is a good idea. There are therapists and programs that can help you with a gambling addiction. They understand your situation and know how you can change your behaviour. Check the help finder for help in your area.
Take the first step today. You can emerge stronger and build a happier and better life.
5 steps you can take yourself to get out of debt
The most important thing is: do not remain in debt.
Step 1
Create an overview of your financial situation
- List your income, expenses, and debts. It is important to open all your mail and bills. If this is difficult, ask someone to help you.
- If you cannot pay your debts (in full), you can save money by:
– cancelling subscriptions
– not buying any new clothes
– not going out for the time being
This will leave you with more money to pay your creditors.
- Unable to create this overview? Then contact a social worker or your local social services team and ask if they can help you.
For online help creating a financial overview and a good repayment plan, you can go here.
Step 2
Ask your creditor(s) for a a payment plan
- Contact your creditor and ask for a payment plan. You can suggest an amount to repay each month. This may feel daunting, but creditors are used to such requests, and it helps prevent your debt from growing further.
Please note: the creditor is not obliged to accept your payment arrangement. He/she may reject it or propose a different minimum repayment amount.
- You can send the creditor a calculation of the minimum amount of your income that you need to live on. We call this the seizure-free threshold. This amount is set by law. To calculate this, go to:
Check | Your seizure-free threshold - If you have agreed on a payment plan, make sure you transfer the agreed amount to the creditor on time.
This will prevent:
- Your payment plan from being (permanently) terminated.
- Your creditor from taking further action and charging you additional costs for this. These costs can be quite high.
- The creditor going to court for a judgment or the issuance of a writ execution. You really want to avoid this! These costs can also add up significantly.
Step 3
Ask help from a budget manager
- If you are unable to reach good agreements with your creditors or if you are not able to live on the money you receive each month, you can ask a budget manager for help.
- There are various budget managers you can register with. If you would like to know more about budget managament, such as where to find a budget manager, click here: Budget Management | Managing money and debt | Regelhulp
Step 4
Register for debt assistance with the local authority (debt restructuring)
Are you genuinely unable to pay your creditors (any longer)? If so, you can contact your local authority’s debt assistance service. The debt counsellor will then try to initiate a process and make arrangements with your creditors regarding the repayment of your debts.
The local authority’s debt assistance service has two methods of working:
- Debt mediation: In debt mediation, your debt counsellor contacts your creditors to make payment arrangements. Over a period of 18 months, as much money as possible is set aside to pay your creditors.
- Debt restructuring loan: With this form of debt assistance, you are granted a loan to pay your creditors directly. Debt assistance by means of a debt restructuring loan is often provided by the municipal credit or city bank. You must repay the amount plus interest to the local authority within 36 months.
Step 5
Request for admission to the Debt Rescheduling Natural Persons Act (WSNP)
If the proposal from the debt mediation or debt rescheduling is not accepted, the process has failed. You can then submit a request to the court to be admitted to the Debt Rescheduling Natural Persons Act (WSNP). Your support agency (often the local authority) will help you draw up this request. They will also issue a statement explaining why the process has failed. If the court then grants you admission, you will enter the statutory debt restructuring process.
A WSNP program lasts 18 months, but this can be extended in special cases. During the program, an administrator will check whether you are meeting your obligations. If you have complied with the agreements, you will receive a clean slate after 18 months. This means that creditors can no longer claim the remaining debt and you no longer have to pay the outstanding debts.
Conditions for eligibility for WSNP:
- You are unable to resolve your financial problems yourself and assistance from the local authority has not solved the problem.
- Your debts were not caused by fraud, a criminal offence or irresponsible behaviour.
- You are willing to comply with the obligations of the law.
- You are willing to make an effort to repay your creditors for at least 18 months.
For more information, please visit the website of Schuldsanering Nederland:
Non-binding advice – Schuldsanering Nederland
Useful websites
Here you will find the website of Schuldsanering Nederland. On this website, you can find more information about applying for a WSNP process: Non-binding advice – Schuldsanering Nederland.
To check you seizure-threshold yourself, you can use the following link: Check | Your protected earnings level
The seizure-free threshold is the part of your income that you are always allowed to keep when money is deducted from your wages or benefits (e.g. for debts). You need this money to live on: to buy food, pay rent and cover other important expenses. The government ensures that you are not left with too little. That is why a bailiff or authority is not allowed to take all your money.
In short: the seizure exemption threshold is the minimum amount you must be able to keep each month to live on.
If you want the Tax and Customs Administration to officially calculate your seizure-free threshold, you can use the link below: Request Calculation of the protected earnings level.
On this website, you can find more information about budget management, including addresses of budget managers. This website is provided by the Ministry of Health, Welfare and Sport: Budget Management | Managing money and debt | Regelhulp
Via the link below, you can watch a short video explaining exactly how a WSNP process works. It is provided by the Legal Aid Board: Wsnp | Statutory debt restructuring | Judiciary
Losing a lot of money through gambling is tough. But you are not alone. You can come out stronger and build a happier, healthier life.
• Seek help from OpenOverGokken
• Get a grip over your money
• Talk about your situation
• Seek professional help if needed