www.iva.co.uk

Spread Betting - Over the course of 4 months I've lost in total £130,000 in spread betting. £80,000 of this is from Loans and credit cards that I've taken out in recent months. Most have had 2 payments. As the debts are from Spread betting on stocks and shares and are all recent will this work against me? I'm speaking to a IP to put my case forward he has said that's it highly likely it will be rejected. Any advice would help.

I'm afraid it won't look good. You need to stop gambling and evidence this to a prospecive IP.

At the very least I would imagine that you will need to demonstrate a gambling free period and, if the IVA is accepted, refrain from gambling at all for the duration. Gambling apart, the young age of some of the debt will also be looked on unfavourably. Your IP will have their work cut out.

I have stopped betting and closed down any betting account. I'm not sure where to go from here. Is it best they don't put the proposal in at all and go into a DMP for a while then apply?
As you can imagine i feel physically sock with worry.

I would do that - an IP will want to see seeral clean statements before looking at an IVA.

I've not been able to navigate to start a new topic and as it's concerning gambling please all me to place here. Last year I gave away my book the insanity of gambling - the cause of my problems and I've free on Kindle. I'm pleased to announce my second book the Insanity of Gambling 2 is also now FREE all weekend. I don't write for profit and want to help people address the perils of this addiction in the wrong hands (me in particular) many thanks