just cant pay that amount of debt

[Vincenewstart]

Iam a compulsive gambler, iam seeking help and need to sort my finances out, my debt is £100,000.00 and my joint/wifes portion of additional debt is approx £30,000.00. All the debt is mine but i needed my wife to take out consolidation loans the last time i gambled.

I am going to have to have an IVA or go bankrupt this time because i just cant pay that amount of debt. My main question is, we have a joint mortgage, but i have been paying it all because my wife has been paying the loans she got on my behalf, so if i take out an IVA will they allow me to pay the whole mortgage payment even though its a joint mortgage? Your help will be much appreciated, if you need more info then just ask. Many thanks Vince

[Viki.W]

Hey Vince, welcome to the forum, you are in a great place for good advice and support. Please wait for an expert to advise you. You have taken a big step in identifying you have a problem. Maybe you could post some details regarding your debt, how many cerditors? Who are they? Do you have any equity in your home. An expert will be along shortly so hang in there. Viki X

[MelanieGiles]

Hi Vince

In order to approach an IP with a view to proposing an IVA, you will have to clearly demonstrate that you have kicked the gambling habit - and sometimes I know that this can be difficult.

If you are to declare yourself bankrupt, it is very likely that you will get a BRU or BRO due to the gambling, but the most important thing now is that you attempt to put all of this behind you and move on with your life. Your wife sounds immensly supportive, and she is the most important thing in your life, so work together one this and seek professional advice about your debts as soon as you can.

[facingittogether]

hi vince

i have been thinking about you today, as it is not so long ago that we too were drowning in debt!

please ask for professional help for your debt problems and your gambling addiction!

by facing your problems, you will be able to get them sorted and not sink deeper!

love barb x

[Vincenewstart]

Thanks for all the advice, i have contacted melanie, to try and sort the finances, and am on gamcare for my addiction. I am determined this time was the last time, and hopefully in 5 years time i will have the life i always dreamed i would get through gambling, which in hindsight i know could never have happened, because it wouldn't have mattered how much i won, it wouldn't have been enough, i would have always wanted to win that little bit more, until I lost everything. These fourms are fantastic and I belive they will be an invaluable help to me in the comming years. Thanks again. Vince

[Sarah]

I wish you all the best and you have done the right thing!

[kallis3]

Vince I am so pleased that you have faced up to both your problems. I wish you all the best as it won't be easy.

At least you can get support and help on this forum, and no one judges you.

Keep posting.

[facingittogether]

hi vince!

well done you have crossed two big hurdles already!

keep on posting as we are all on here to support each other!

barb x

[Viki.W]

Vince, that's really good news. You should be proud that you facing up to these problems. I wish you all the luck in the world. Keep posting. Viki X

[Soulgrowth]

Hi Vince

Just wanted to say good luck ... I hope you get it all sorted ... remember that we are all here to support you ... and lots of love to your wife.

Debbie