www.iva.co.uk

Hi
I need serious help. I've basically been off work for 6 months during this time I've managed to rack up £40000 of debt on gambling. I know this is horrendous! Losing small bets have spiralled! I've maxed out all my credit cards as well as taking out a £25000 loan which I haven't even made a payment on yet and it's all gone! Halifax let me take this out online despite seeing hundreds and hundreds of pounds going to skybet. I know it was my choice to take it out.

I've sought help for my addiction...I know far too late. I just want to get my debts sorted and I'm now terrified looking at previous posts that I won't get accepted for an IVA as all the debt is so recent.

Can someone please help/advise me I'm so stressed and worried

You are going to have to satisfy the IP ( and the creditors) that the gambling has ceased and will not be restarted. A start would be getting yourself barred from online gambling sites ( I believe there is a mechanism for this and, hopefully, someone else will come along and enlighten us).

Why have you been off work for 6 months ? A stable income stream is vital for the success of an IVA.

Thanks for your reply. Yes I've already got myself barred from all gambling sites. I do genuinely want to put it all behind me and just sort my finances out. I'm currently back at work earning full pay with no further issues likely in the future.

There's a way forward!
I too had gambling debts over £70k with a £15k recent loan. My first IVA was rejected by creditors as they wanted to see 6 months clean bank statements from gambling. I went on a DMP then was accepted after the 6 months.
I thought there was no way out of the hole I had dug, but I've been in IVA 15 months now, and although hard it's far better than what I was facing in those dark days

That's a good start. I would suggest that you have a full, frank and honest chat with a few of the smaller firms ( they are generally more understanding and helpful ).

It's nice to know I'm not alone and there is hope.

I spoke to Halifax who were a little sympathetic...they put me in touch with stepchange after speaking to them on Friday suggested an IVA was the way forward...however I had to check if it was ok with my job first.

It is ok apparently so I was going to arrange to speak to someone about an IVA tomorrow. I think I could free up to £250 each month. Do you think my Creditors will be happy with this amount?

I have credit cards with MBNA, Virgin and Barclaycard of anyone has had any dealing with them?

£250 is a reasonable repayment. Chat to Stepchange, but also chat to a couple of the independent firms. There is every possibility that Stepchange will pass you on to Grant Thornton who are somewhat inflexible if you hit problems.

do you own your house?

Yes with no equity though. I really need to sort this on my own. My wife suffers from cancer so I really can't tell her or get her involved. I just hope I get accepted for an IVA

You will not be able to keep it from her. There will be a form to complete to put a restriction on the house and she will need to sign it.

Can I just clarify that I rent my house out that I own but do not make any money from it. It just covers the mortgage. There is no equity in this house. Will I be forced to sell in an IVA? Only asking as it will be my wife's pension.

As explained in your other thread it all depends upon the way the creditors want to treat it, which is why you need an IP who will be in your corner rather than an organisation like Stepchange. If there is no equity in the house it is in no-one's interest to force a sale.

Just to add all the best from me, you've taken the first step so hang in there and remember we're all here if you need us.

An IVA does seem like an option but you should also get advice from the independent professional sector and not just rely on any bank funded charities.

Some firms do say that you need to be clear of gambling for six months but that is not the case. Your IP needs to be satisfied that you are committed to the agreement so barring yourself from sites is the right thing to do first.

I hope it works for you but try to speak to the IP at Stepchange to discuss your concerns. If you cannot speak to her at this early stage it does not bode well for the next five or six years should there be any problems.

To add it was the creditors not the firm who rejected my Original IVA due to not having 6 clear months. Perhaps different creditors have differing rules