This is not something I had considered before now, but I am starting to think it may be our only option. I have close to £20,000 worth of debts. This consists of an £11k loan, a £5k credit card, a £1200 credit card and £2800 overdraft. I am ashamed at how these debts have come about, I fell into gambling. WOuld an IVA be able to help me? My payments for thus credit is pulling my family under due to my stupidity and I want it to stop. Kind regards.
Hi PK, and welcome. It is possible that an IVA might well be the way forward. First of all you need to chat to a couple of professionals to establish your current position, repayment affordability and then the best way forward.
It is important to chat to a couple, it's free and without any obligation at this stage. There is a list of reputable firms over on www.iva.com but also it is a useful exercise to have a look around the forum to see how we, as those in IVA's regard and are treated by various firms.
You will also find some professionals who take the time and trouble to assist clients and non clients alike on the forum as well as a lot of useful information.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hey pk welcome, you have made the first step forward, it is good to realise the situation your in. There are plenty of solutions out there and lots of help as well. Read a few posts I'm sure you will feel alot better in finding a solution x
Welcome PK. As Foggy says, it's good to talk to several firms before you make a choice. If you decide to go down the IVA route you need to be with an IP that you feel comfortable with as you are going to have to work closely with them for 5/6 years. IVA is not an easy thing to do but the relief you feel when you know you are finally tackling your debts is overwhelming. Good luck to you.
Hi PK, welcome aboard. No need to feel ashamed at how your debts have built up. We are all here for our own reasons but what matters is how you move forward for you and your family. I'm a year into my iva and it is not an easy path but knowing I have taken control is amazing and once my final payment is made I will be debt free and smiling.
Do talk to a few companies though, if I'd of found this site before starting my iva I would of picked differently. Bigger does not always mean the best.
What's more stressful, living on a budget with a big clock counting down to freedom or not knowing who's going to call you next asking where there money is??
It's not what we do, it's how we deal with it that counts
I can only add to the above. Get some free advice and this can be resolved. You should seriously consider getting a new bank account to protect your wages and then decide what is best for your family going forward. Your case is not unusual.
Gambling is not really the most important issue for you right now PK, but honesty is - and honesty starts with being honest with yourself about whether you can stop gambling permanently. You may need some professional help with this, but I have acted for many ex-gamblers in my time and almost without exception if their debts are brought under control then the need to gamble usually goes.
What has happened has happened, but it is how you will handle the future which will set your destiny moving forward. Insolvency practitioners will not judge you for past errors of judgement - we merely want to help you get through your current distress and come out stronger the other side.
Try a few companies for some impartial advice on all debt solutions, it's a way forward and one which can relieve you of family pressure too. We do have some posters who incurred gambling debts and maybe they'll share their experience.
IVA's aren't for everyone but they're excellent if they suit you and a good company will discuss all debt remedies.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi PK, I echo what everyone else has said and speak to a few IVA companies, discuss your options and choose the remedy and company you are most comfortable with. I personally am with Mels team and also echo what she says about seeking help regarding the gambling. I am also an ex gambler- I racked up a massive amount of debt in a very very short time due to gambling, chasing losses as I was already in debt! The best thing I ever did, although it was so hard, was contact Mel and her team regarding the IVA, they weren't judgemental about how I had got into the situation and very supportive, they just needed reassurance I had taken steps to stop it and help me with my debt, I had my IVA approved in April and since taking those first steps and other steps to address the gambling I haven't even wanted to gamble since as my finances are for once in order.
PK - As someone else has said we're all (those of us in IVA's) here as a result of complications but my message is don't feel judged, feel the support of this forum.
Perhaps like what faced me, when i reached my 'cold light of day' moment in January 2011 you are going to have some difficult conversations with loved ones, but:
1) You can move forward
2) There are always solutions to debt problems, although they may take time and effort to achieve
3) You can use the expeience as a catalyst to change your life for the better
I know - through experience.
Hang in there and good luck going forward.
I totally agree with Melanie PK. You have taken the first step and dealing with your debts may stop the need to gamble as many of my clients have seen it as a way out of debt.
You are best chatting to a couple of companies and see which one is the best fit for you. Then take their advice and make an informed decision on the best way forward.
