IVA and gamlbing... will I be accepted?

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thumper25

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Post by thumper25 » Mon Sep 28, 2015 2:25 pm
Hi

Sorry this is my first post and may be a bit of a long one!

Firstly, I'd just like to say a huge thanks to this website. I'm currently 25 and in extreme financial difficulty. As I don't own a home I have nothing to sell and been really down about my financial situation. This site appears very helpful and it is a tiny bit reassuring to know I’m not alone.

I've done a bit of reading about IVAs and through a debt Councillor I have been pointed towards someone who works for citizens advice in my local area to plan my budget and IVA proposal.

I have been in debt since I was 20 and have managed to accumulate almost 40k of debt. Many factors have contributed towards this vast amount, however the feeling of stupidity and regret are all I seem to feel at the moment. I have suffered with depression and anxiety since I was 20 and as it has been a long slog back to good health, my finances were pushed aside. I’m not looking to blame my debt on anything other than myself, but whilst I have been ill and at really low points my finances were pushed to a side. Now health wise I'm feeling much better with this one huge worry hanging over me.

I have felt like I always been slightly aware that I have a spending issue, but have always been able to at least make minimum payments. Now I feel I cannot meet the minimum payments and am filled with dread. In the last 6 months my spending went out of control as I began trying my luck on the online gambling sites. As most people who ‘dabble’ in gambling, a few wins and then a few bigger wins and I became hooked.
Now I’ve come to terms that an IVA is a positive option for me, I’m worrying about the proposal and if this will be accepted as my bank statements show a vast amount of money being paid towards these gambling sites.

I have 4 creditors in total, 2 loans and 3 credit cards (1 loan and credit card with the same bank). I did have some savings which have all gone on the gambling and I think one of my credit card statements will show a couple of thousand pounds been paid to gambling. The other 3 lenders my statements will not show anything towards gambling.

I am currently awaiting my first appointment for gambling counselling and did gamble as recently as this Friday just gone. I do feel like I have made a small step in blocking my online gambling accounts and am today writing to my creditors with a token payment as I am unable to pay my minimum payments this month.

Does anyone have any thoughts/advice/help on whether I am going to be accepted for an IVA as I have been so stupid with money and gambling? As you can imagine I am constantly worrying and struggling to focus on anything else at the moment.

Thanks in advance
T
 
 

lifenoteasy

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Post by lifenoteasy » Mon Sep 28, 2015 2:47 pm
There have been a number of people who have posted in the past with a similar background to you.

It will be possible to go into an IVA but they may want some assurances linked to how you are managing the gambling.

Shop around and speak to some of the smaller companies - you need to be able to know that there if there is an issue that it will be dealt with based on a working relationship.

Be aware that going into an IVA is not an easy option and your money would not be your own for the next 5 years.

Make that you are mentally and emotionally ready for the pressure. If depression is a trigger you may also to want to seek clinical help (bit I'm not a doctor - just saying that an IVA is tough and it will make you depressed at times as well).
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

kallis3

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Post by kallis3 » Mon Sep 28, 2015 2:55 pm
Hi and welcome,

Agree with the above that you need to speak to a few more companies.

Speak to Andy Davie/Vincent Bond (details under the expert section on the left hand side of the page) for some free initial advice and they can hopefully point you in the right direction.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

thumper25

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Post by thumper25 » Mon Sep 28, 2015 3:02 pm
lifenoteasy - sorry if I've posted something already been covered! Thanks for your response. I am keeping up the counselling for my health issues to try and avoid a relapse. I have good days and bad days like everyone else but I've learnt to deal with the bad days better. I've been warned that the first few months, where I'm writing to my creditors to explain I cannot make minimum payments that I will possibly be hounded with calls and letters requesting money, but if there is end in sight for the worry by starting an IVA I know I am strong enough to handle it. I am fully understanding that an IVA is a huge commitment but I think it is the only path for me with light at the end of the tunnel. I've sure as hell learnt my lesson so know I would be fully committed.

kallis3 - thanks ever so much for your response, just been exploring the website and my lunch and it's nice to know there's trustworthy advice available.

Just as a general question - say my IP sends and IVA proposal and it's rejected can I reapply in a month or so?

Thanks
T
 
 

lifenoteasy

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Post by lifenoteasy » Mon Sep 28, 2015 3:07 pm
thumper25 - never be sorry for asking a question especially if it means you get what you need.

If it gets rejected initially it may be accepted in the future - look (as an option) at going into a debt management plan first to demonstrate that you can keep to a budget.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

kallis3

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Post by kallis3 » Mon Sep 28, 2015 3:08 pm
Any IP worth their salt wouldn't put a proposal forward unless they thought it would be put forward.

You are seeking help for your gambling which is a great start but a company may want to see a few months free of gambling before doing anything.

Don't worry about posting something that others have experienced - we are all individual and all need specific help.

As regards calls - if you have put your details into any sites you use then I suggest you go in and remove them so at least they can't phone you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Helen.k

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Post by Helen.k » Mon Sep 28, 2015 3:14 pm
before our IVA's were approved I was panicking over what might happen if it was rejected. The IP reassured us by saying they wouldn't habe put the proposals forward if they didn't think it would be accepted.
getting there ....

Got there!!
IVA started 27/10/2010
final payment 27/10/2015
CC received 6/5/16
Off the register 5/8/16
 
 

thumper25

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Post by thumper25 » Mon Sep 28, 2015 3:23 pm
Thanks everyone for being so lovely and understanding! I guess a big part of the debt worry is the feeling that comes with it and that you are alone and it is refreshing to hear that there is help there and there is a way out. Thanks for the tips.

I will get a list of questions to ask my IP put together, such a big life decision but only one that can help me in the long run.
 
 

kallis3

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Post by kallis3 » Mon Sep 28, 2015 3:27 pm
You will never be alone on here - most of us have been where you are or are seeking a solution.

Ask away anytime you like - there is usually someone around.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

recovering

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Post by recovering » Mon Sep 28, 2015 3:45 pm
We all felt the same anxiety about being rejected but as others have said a Good firm would not put it forward without confidence of success. I would suggest as you are on here to look at all the recent posts about the different companies/problems that occur, you will quickly see there are certain firms that stand out both positive and more importantly negative! You need to be sure of your choice as it is a long partnerships!
 
 

Michael Peoples

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Post by Michael Peoples » Mon Sep 28, 2015 10:26 pm
We recently had an IVA accepted with recent gambling after other firms refused to put it forward. We have to monitor the bank statements for three months but that is the only proviso.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

MrsR

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Post by MrsR » Mon Sep 28, 2015 11:37 pm
That's great to hear Michael.

Nice to hear some companies will give people a chance to sort their lives out !
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!

Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA :)

Completion Certificate received- 30th April 2015!!
 
 

thumper25

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Post by thumper25 » Tue Sep 29, 2015 9:14 am
thanks for your replies. I have just been reviewing my bank statements and it's clear I have had a gambling problem in the last 3 months. the total amount that has left my account to the site is around £28,000.00. £10,000 of this was savings and £18,000 was from winnings which I had put straight back in. I have also put in around £4,000 on 1 of my credit cards. Due to the vast amounts I am absolutely horrified. However I have sent this information to the company I am currently dealing with and will just have to see what happens I guess. If it was a couple of hundreds I could imagine that it wouldn't be such an issue, however these horrifying amounts I know I won't be looked at twice. Will just have to slog it out for 3 months, keep up the gambling counselling and I have blocked my accounts! I guess I have to stay positive and determined now I have been totally honest with myself about the problem.
 
 

Michael Peoples

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Post by Michael Peoples » Tue Sep 29, 2015 9:41 am
Your figures are not unusual and I have seen a lot worse. I had one client who lost £35k in one day including a £25k loan which went into his bank in the morning. Best of luck with the creditors.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

recovering

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Post by recovering » Tue Sep 29, 2015 9:45 am
I think you will find there are forum members with higher amounts,my debt wasn't gambling but it was sheer stupidity! I think you should just keep trying to not gamble and also please, please choose your IVA company very carefully, i would do anything to change who I ended up with ( transferred to a big company last year) I would spend 2 mins emailing or calling Michael Peoples or Lisa Thomas on here before you commit it could be the best decision you make!
Good luck
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