Will by IVA be declined because of gambling

[princessb]

I have recently spoken to a company about entering into an IVA. I have had a problem with gambling (internet bingo) and have been using my debit card to fund this so it can been seen on my bank statements which I will be sending in. Will by IVA be declined because of this? I am having my internet disconnected tomorrow which means I will no longer be able to gamble online. I will still have internet access through work but there is a restriction on the server that means I cannot get onto such sites. The debt I have isn't because of my gambling, the gambling started when I became depressed and suicidal. We have approx 40k worth of debt to about 9 different creditors. I bring home 1052 after tax and my husband brings home 895 after tax and we have a disposable income after expenses of about 450.

Thanks

[MelanieGiles]

Hi princessb

I have acted for several clients with difficulties caused be gambling, and so long as this is properly explained within your IVA proposal, and you can assure the creditors that you are cured of the habit, then it is not usually a problem.

It looks to me if you have a sensible IVA to put forward, so go for it! Let me know if you need any more advice, and put that gambling into the background - you will not need emotional props such as that once your IVA is accepted.

Good luck

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[finebridge]

My experience of getting IVAs approved under these circumstances is also generally positive.

Although, I have had an instance when creditors were unhappy at the level of debt drawn out of cash machines within a casino, but this was in excess of £30,000 over a six month period!

I guess your debt is nowhere near this level Princessb, so as Melanie says, I believe you'll be fine.

Kind regards
Brian Baker

Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[princessb]

Thanks for the replies, I also sometime go to the local bingo hall with my friend and do draw out money from the cash machine there but I don't spend all of the money there. The supermarket is over the road so I tend to get the money out at once so I've got enough for my weekly shop etc. Will this cause a problem? I'm just worried that they'll think I'm spending all my money at the bingo when I'm not!

[finebridge]

I believe the majority of cash machines in bingo halls are independent ATM machines therefore on bank statements it shows as ATM withdrawal and not Mecca or Gala for example. Do you know how it is shown on your statements?

How much do you think you have lost at internet Bingo?

Kind regards
Brian

Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[princessb]

Hi there,

All it says on my statement is 'Infocash Rotherham' which is where I live. I got paranoid then and thought they'd know where I was taking out the money!

I'd say I've probably lost about 5k on internet bingo over the past 2 years. Which sounds a lot but compared to most gamblers it's pittance! It may be a bit more but it's just an estimate really. It started out as something to do to take my mind off my problems and have seen things about it being linked to depression (which I suffer from badly) and have been in hospital twice (only overnight) recently. I took measures to stop myself being able to get on it such as downloading Gamblock etc but then the license ran out and I started again.

The crux our (my husband's and I's) debt problems are mainly down to the fact that I've had a MASSIVE drop in the amount of money I earn. In 2005 I earned over 32k including bonuses and last year I earned 18k due to our bonus structure being changed and you get used to living with money. The banks took my bonuses into consideration when I took out a loan for 21K to consolidate my debt and now we just can't afford to carry on paying everything. I'm also off sick and have been for 3 months but luckily the company I work for are being exremely supportive and are paying me full sick pay and working with me to help me get better.

[finebridge]

You won't have any trouble with your creditors in respect of the cash withdrawals. I suspect they are not overly large, and as you say it is also being spent on housekeeping etc.

The loss on internet bingo will also not be an issue. It equates to about £200 per month. I cannot foresee any problems with your IVA, due to the gambling.

Provided you put forward a realistic offer to creditors it sounds as though you have a good chance of getting it approved. If you call any of us "experts" on this site, you should get some sound advice on the way forward.

Kind regards
Brian



Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk