I have a gambling addiction and have approx £70k worth of loans and credit cards as well as topping up our mortgage of another 100K. Im not sure what the best route to go down now is? ive been told by debt charities that an iva is the best way but im unsure what effect it will have on my partner and the house. I dont think we will make the relationship work now and hes been in touch with the mortgage company to see if he can remortgage on his own or take me off the mortgage and me sign away the ownership. I have completely wrecked his life and want to sort the debts out on my own if possible is there anyone who could advise me please.
You need to have a chat with a couple of companies as they will have different approaches. You also need to ban yourself from gambling establishments and online accounts -- CAB can help you with this.
An IVA will have an effect on your partner, and you will need to try to release some equity, if there is any at the time, towards the end of the arrangement ... generally, at the moment, this is replaced by an extra 12 payments.
Not doing anything is more likely to put the house at risk, as, if any of your creditors call for bankruptcy the house will possibly be sold.
I would approach a few smaller to medium sized companies where you will be treated as an individual, rather than a grain of sand on a large "IVA factory" beach.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
First and foremost you need to seek help with the addition and IVA companies will want to see that you have sorted this out.
I don't know if your mortgage company will agree to this or not but you do need to seek help.
You could visit your local CAB or get in touch with gamblers anonymous.
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
I am getting the help i need i am determind never to gamble again !! that the priority at the minute along with my health (not a ggod place at the minute).
Ive been in contact with cab and theyve been fab ive set up a tpp just for now until i can sort a permanent solution out.
I work full time and can afford to pay back the debts on a iva but i cannot risk the house, hes taking me off the mortgage or remortaging for definite and asked me to sign away a transfer of title to protect himself. he had no idea about the gambling or debts and dont seem fair that he can be punished as well, we are not married does this make a difference?
Sorry about your health but good news about the help with gambling.
Sorry to sound thick but what is a tpp? Is it a Temporary payment plan?
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
I take it you are just making token payments to your creditors?
I think you should speak to a company about a possible IVA. There are a lot of decent companies out there - give Andy Davie/Vincent Bond a call (details under the expert link on the left hand side of the page) for some free advice.
When will you hear about the mortgage and deeds?
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
ive got a lady coming out to my house next friday (from the cab) to see if can set up a iva but i just wanted to know the exact effects it would have on my family and if my partner is responsible for anything even though nothing was in his name or the house is at risk...im obviously really worried and want a few questions answered. Hes been in tough with the mortgage company over the last couple of days to see what they can do to prevent any further loss and they said its a possibility if its affordable to him which i am hoping it will be but wanted to know if this stops any future claims on the property at the end of the iva if the house hasnt been in my name for the five years ?
CAB will just pass you on to a company to do the IVA - usually Stepchange or Payplan (not bad companies). If you are not able to come off the mortgage then his credit rating will be harmed as you will have joint financial arrangements.
I'm not sure how it will affect things if you do come off as it could be seen as trying to hide assets but don't quote me on that! One of our more knowledgeable experts will be along to assist.
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
Signing away your share of equity will not be looked on kindly by the creditors, however, they might agree if the circumstances are fully explained -- or they might insist on an extra 12 months payments in lieu. This will all have to be discussed at agreed at the outset.
If you are made bankrupt by a creditor, rather than you dealing with the problem by way of an IVA, the official receiver would have the power to reverse any change in title ownership, unless, again this is all agreed up front.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I was in exactly the same situation as year ago. Go to the groups for help with addiction and life will start to get better.
I contacted stepchange, who I would highly recommend and entered into a lump sum Iva in order to keep my house. My debts totalled £80,000 and my parents made a one of lump sum payment of £10,000.
In my case although I had equity in the property the house was owned on a 50/50 basis with my partner. So they could not force to be sold. The mortgage company will not allow the name to be transferred.
If you call stepchange they can discuss everything and work through you best options.
Will the bank be willing to allow your partner to take on the full responsibility of the mortgage?
An IVA could be a useful way for you to repay what you can afford towards your debts and keep your interest in the property.
As long as they are all sole debts your partner will not be responsible for them BUT if you don't take some action you could ultimately end up being Bankrupted and the property could then be at risk of being repossessed and sold if your partner can't afford to buy your interest off the Trustee.
Best of luck with whatever you choose to do following your meeting.
To be honest though - the OR would look back over the records going back for a few years and regardless of whether it is yourself or a creditor that make you bankrupt they can reverse the transaction.
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
Yes if the interest has been gifted or sold at an undervalue your partner could be pursued by the Trustee as Foggy stated above or the transfer overturned but that depends whether you are proposing to transfer your interest or just the mortgage.
