www.iva.co.uk

i had an IVA over 10 years ago which was completed successfully around 2006. I had to remortgage at the end to pay off using equity.
I am now in a terrible state again. credit card bills totalling around 16k, two loans with about 13k and 7k left.
I have recently re-mortgaged again and there is no equity left in my house. value is around 160k and I have 130k mortgage.
I'll be honest, the debts have arisen largely to gambling. i dont gamble now but its all a bit too late.
i can earn up to 50k with overtime and i have never missed payments but it is real struggle month to month to make these payments and often credit cards are being used to live so debt goes up and up.
So I have a few questions....
1, would I be able to have IVA again, bearing in mind ive had one and my debts are as a result of gambling?
2, is there any option where a re-mortgage at the end can be avoided. I really dont want to have go through that again as last time we remortgaged to a high interest option.
3, believe it or not family know nothing of this problem so can these things be kept private?
I know all this sounds ridiculous and I honestly dont know how i got to this stage but any help or advice would be appreciated as ive been having some pretty dark thoughts of other ways out of this.

There is nothing to prevent you from doing another IVA especially since you successfully completed the last one. However creditors would want to know that the gambling has ceased and your IP would want to see bank statements showing that there are no recent payments to bookmakers or online sites. If you have joined GamAnon this would also be a help but is not compulsory.

It would be difficult if not impossible to propose an IVA which excluded your property but very few people are getting a remortgage anyway and most IVAs are extended by twelve months where there is equity that cannot be raised. This may change over the next five years as no one knowes how the mortgage market will turn.

Get some free advice as you will not be judged. Gambling is a disease and if you have now brought it under control there is no reason why you could not have another IVA accepted.

I'm currently in IVA and all my debts were due to gamblimg! My first proposal was rejected as creditors wanted to see 6 months non gamblimg activity on my statements!
I did this and the IVA was accepted. Now 7 months in and going well and not gambled for over a year!
There is light at end of tunnel

Colins....disappointed to hear that the Iva didn't teach you about Not spending what you don't have and as usual using the houseequity to back the unsecured lending?
Gambling or no gambling.


'Nick Leeson'...Read his story.He was only 'doing his job' with other peoples money in his case.

I also suggest you come clean with family as part of your debt recovery process.

It will come out believe you me.

We are 100% non-judgemental on this forum and as Michael says to propose another IVA

Well done on stopping the gambling it is an addiction like my smoking was once but I broke that too.

All the best.