www.iva.co.uk

i am considering entering an iva. i have about 55k debt. some of the debt maybe 10% over last 6 years has come from gambling (stupid i know but reason for gambling was to try and get out of over draugt vicious circle). Could this have an impact on creditors dicission to accept iva???

Also i have 2 mortgages one for where i live and one for which i rent , can this stop me getting an iva. If not i have read abou releasing equity after 5 years how much is this genmerelly for ????

Hi, i was in a very similar to position with more debt and two properties. The IVA was approved with a few modifications. You need to bear in mind that the creditors will want a share of the profits on the rental property and you will also need to complete a self assessment for tax purposes.

Just a word on the Gambling. I was plagued with a gambling problem for many years. There is help our there but you need to have to want to stop for it to work. Its a mugs game sadly and only ever one winner. Fortunately for me my desire to find abstinence from this terrible addiction was very strong. Good luck.

Hi. The creditors will want to know that you have stopped gambling, but it is not a bar to an IVA, nor is two properties. How they are dealt with depends upon how the rental property is doing -- if it is making a loss you might be asked to get shot of it.

Equity will be addressed towards the end of the IVA and the amounts will depend upon the market at the time. There are limits in place which a good firm will explain to you before you sign up.

An IVA may be an option and the gambling will not debar you from this option. Get some free advice and hopefully everything works out.