Do you need help protecting your assets?
People experiencing gambling harm may find themselves gambling with money they don’t really have, such as credit card debt, loans, or borrowed money. This can lead to significant harm, not only for you, but for your family members who may have joint assets or responsibilities.
You and your family members may need to take steps to protect assets. By taking proactive measures to safeguard your financial assets, you can minimise the financial harm that can result from your gambling.
Does a family member or friend need help protecting their assets?
People experiencing gambling harm may find themselves gambling with money they don’t really have, such as credit card debt, loans, or borrowed money. This can lead to significant harm, not only for them, but for you and other family members who may have joint assets or responsibilities.
Encourage your family member or friend to take steps to protect their assets. By helping them take proactive measures to safeguard their financial assets, you can minimise the financial harm that can result from their gambling.
Your family member’s gambling may also have caused a lot of financial stress for you and other family members. That’s why it’s important to not only help your family member protect their assets, but also take steps to protect your own money. You can find more information on how to do this by talking to a financial counsellor.
Does the person you’re concerned about need help protecting their assets?
People experiencing gambling harm may find themselves gambling with money they don’t really have, such as credit card debt, loans, or borrowed money. This can lead to significant harm, not only for them, but for their family members who may have joint assets or responsibilities.
Encourage the person you’re working with to take steps to protect their assets. As a professional, you may be in a position to educate them about the potential legal consequences of gambling with borrowed money or assets that don’t belong to them. You could work with them to identify some ways they can protect their assets and encourage them to involve their family members or a trusted financial counsellor in this process. By helping them take proactive measures to safeguard their financial assets, you can minimise the financial harm that can result from their gambling.
What are some ways people can protect their assets?
Check out some of the strategies that people and their family members can take to protect their assets and finances when they are experiencing gambling harm:
- Ask a trusted person to manage money and hold credit and debit cards
- Arrange for two people to be signatories on any bank accounts
- Close any credit card accounts that aren’t needed
- Reduce the credit limit on credit cards as they are paid off
- Lower the daily withdrawal limit on credit and debit cards
- Unlink bank accounts online and from telephone banking
- Cancel cash withdrawals on credit cards
- Organise wages to be paid into a separate account from which funds need to be transferred before being accessed
- Organise online banking to have dual logins and passwords
- Arrange regular direct debits for as many bills as possible
- Ask a trusted person to pay bills before pay is accessed
- Temporarily separate finances from partners
- Alter credit records by adjusting it to “no more credit”
- Have a trusted person use “my credit alert” as a way of notification if applying for credit
- Give valuables to friends or family members for safe-keeping
- Speak to the bank to ensure any houses can’t be refinanced
- Cancel any overdrafts on bank accounts
Depending on the situation, people can consider some other asset protection strategies. These include protecting real estate, making a will, and appointing an enduring power of attorney or enduring guardian. Legal advice is needed before people use these strategies.
If there is a risk that a person who gambles might sell a property registered to their partner’s or other family member’s name or to which their partner or other family member has financially contributed, the partner or other family member can lodge a caveat to protect their financial interest. A caveat will prevent a sale or mortgage of the property without the other party’s consent.
Having a will makes it easier for family members or friends to distribute a person’s property after they pass away. A person with considerable assets who would like to make ongoing financial provisions for someone who gambles can establish a protective trust in their will. A protective trust can make regular payments to the person or make payments for special needs – like housing or medical costs.
People who think they can no longer manage their own finances due to gambling can put an enduring power of attorney in place. An enduring power of attorney allows them to appoint a trusted person to manage their finances and make financial decisions on their behalf. It’s important to ensure the trusted person is honest and careful with money.
How can financial counselling help?
Financial counselling can be a huge help. Financial counsellors are trained professionals who can provide free, confidential help for people who want help protecting their assets. They can help by assessing their financial situation, determine the best strategies to put into place, and develop a plan for the future. Go to How Financial Counselling Can Help for more information.
The National Debt Helpline is another option that can assist people in resolving their financial challenges. They can provide advice, information, and referral to financial counsellors. Call 1800 007 007 between 9:30 am to 4:30 pm Monday to Friday.
Do you want more help?
For help with how you can protect your assets, you can start an online chat with us or call the Gambling Helpline on 1800 858 858 – free, confidential, 24 hours a day, 7 days a week. These services are available to support anyone affected by gambling harm, including family members or friends.
Do you want more help?
For help with how they can protect their assets, you or your family member or friend can start an online chat with us or call the Gambling Helpline on 1800 858 858 – free, confidential, 24 hours a day, 7 days a week.
These services are available to support anyone affected by gambling harm, including family members or friends like you. It’s not only the person who gambles that can be affected, but the people close to them too. It’s important to take care of yourself when you’re supporting someone else. Check out the family and friends section in our peer support community to connect with people who understand.
Do you want more help?
For help with how they can protect their assets, you or the person you’re working with can start an online chat with us or call the Gambling Helpline on 1800 858 858 – free, confidential, 24 hours a day, 7 days a week.
These services are available to support anyone affected by gambling harm, including family members, friends, and professionals like you. It can be hard for professionals to support people with gambling issues. To learn more about how you can help, go to our section on How Professionals Can Help.
