Olympics Has Landed Many People In Debtposted on 17 May 2011 | posted in General Category | ( 0 ) CommentsThe thrill of seeing a home-based Olympics has led to fears that some people have been seduced into over-bidding in the ticket lottery, which could leave them carrying punishing levels of debt. Integrity has come across one example where a family has bid on tickets with an estimated cost of £40,000 to be told they have been successful and now face a huge credit card bill which they simply cannot afford. This has put them into debt and are now seeking help to solve the situation. Many Britons applied for a large number of tickets on the basis that they would probably be successful in only a minority of applications, which could leave them with a large credit card bill they are unable to afford. At the same time, they will not be able to resell any excess tickets back to Games organisers until early next year. A principal researcher at consumer magazine Which?, described it as 'a bizarre system when they take the money before you know if you have won or how you can resell'. But he added that consumers have a responsibility to try to buy the tickets they can afford. This has been echoed By advisors at Integrity who also added: 'It's great to see the Olympic games in the UK, but people should be aware of their personal financial situation and if they cannot afford tickets then they should not have bid for them, this is common sense and by taking a risk on over bidding it could lead to major debt problems for them leaving them in a meltdown of personal finances. A personal finance expert at uSwitch.com, added: 'Being part of this once-in-a-lifetime event may be priceless, but for many Brits, getting their hands on tickets could end up costing them dear. 'Because people won't know exactly how much they're going to be charged until the money comes out, budgeting is going to be difficult. 'We would urge people to make sure there's enough money in their account to cover all the tickets they applied for – even if they don't expect to get them – so they don't end up getting caught out.' There are 6.6million tickets on sale for the 2012 Olympics and more than 50 per cent of the 650 sessions are over-subscribed. The opening and closing ceremonies are expected to be massively over-subscribed, as well as more popular events including major athletics and swimming finals. The two week-long sporting spectacle opens at London's Olympic Park on July 27 Integrity have already received calls from people who have now entered into a debt problem because of this, and if you are in the same situation please call us to discuss your options on 01743 272900 There are many free events that people can attend such as the sailing, or people can simply get the best seat in the house, and thats in front of their own TV with a nice cup of tea... Share this blog entry:
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