Tried to gamble my way out of trouble ( lost about£2400 in one month!!)Will heve to come clesn about it to my creditors before i can apply for an IVA, Will it ruin my chances? i owe around £41500, done a budget and have around £370 left over a month after priority debts and living expenses.
The gambling is not good but if you are trying to address the problem then all may not be lost.
Have a word with a professional - visit www.iva.com for a list of companies and give one or two a ring for some free advice. They will let you know of the options available to you.
£2,400 in one month is a serious problem and unless there's a clear period then creditors may reject the proposal .... having said that, they still might not want to risk bankruptcy.
I get upset when I lose a £1 a week footy bet
The hardest part is telling a stranger about your problems ...... it's also the most important!
I owed £55 grand in gambling debts before I turned to an IVA, but the IVA option worked for me so it's not a hopeless cause, but you will have to prove to the IVA company you go to that you have stopped gambling before they can present your case to your creditors. That meant for me at the time providing 2 months of clean bank and credit card statements free of gambling transactions and I was also advised to speak to 'Gamcare' which I did for a while to show willingness to my creditors that I was tackling my gambling problem & taking the repaying of my debts seriously - follow Harpic's advice for starters and good luck !
Last edited by PELDER on Fri May 25, 2012 9:59 pm, edited 1 time in total.
There was a recent poster who had their IVA rejected as they requested a longer period of no gambling. I'll have to see if i can find a link as it would be nice to have an update from the other poster.
The link above is a good starting point. Free advice can be given to you in respect of all debt solutions.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I have no problem in acting for someone who has gambled in the past, so long as I can be assured that any habit has been broken and there is little chance of a repeat occurance. Many people resort to gambling as a last resort to try and deal with their debts, and a lot of the people I have helped historically have not got a habit, merely a last ditch attempt to find an alternative solution to deal with their debts.
Been there done that got the t-shirt. Tried to gamble my way out of debt. It did not work, ended up owing more and wished I'd got it sorted out sooner but thought it was a easy way out. It's not.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by PELDER
I owed £55 grand in gambling debts before I turned to an IVA, but the IVA option worked for me so it's not a hopeless cause, but you will have to prove to the IVA company you go to that you have stopped gambling before they can present your case to your creditors. That meant for me at the time providing 2 months of clean bank and credit card statements free of gambling transactions and I was also advised to speak to 'Gamcare' which I did for a while to show willingness to my creditors that I was tackling my gambling problem & taking the repaying of my debts seriously - follow Harpic's advice for starters and good luck !
£55K in gambling debts and still got an iva!!Why am i worrying, thanks for being so forthright.
I was wondering i like to gamble in and out not big amounts of money but small stakes for fun but since ive been on my IVA ive not bothered. Where would i stand if i fancied a flutter would it effect my IVA, what would the creditors think of it !
If you can afford to have a 50p each way bet on the Grand National, then do so if this is just social and casual gambling - but remember that any winnings over £500 will have to be disclosed to your IP and paid into the IVA.
