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roxana
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by roxana » Tue Sep 18, 2018 9:10 pm
Hi.I have managed to make myself a lot of debt with online betting.Which now I am struggling to pay. I know it was a stupid thing to do but I got cut in it and it seems like I couldn't come out of it.What do you think the solution is for me?An Iva or a debts management plan or ?My debts reached £30.000
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Foggy
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by Foggy » Wed Sep 19, 2018 6:46 am
roxana wrote:
Hi.I have managed to make myself a lot of debt with online betting.Which now I am struggling to pay. I know it was a stupid thing to do but I got cut in it and it seems like I couldn't come out of it.What do you think the solution is for me?An Iva or a debts management plan or ?My debts reached £30.000


First of all -- the hardest step has been taken -- you have recognised the problem and wish to solve it. Well done.

Creditors do not like gambling debts and need to be satisfied that you have stopped gambling. Some will want to see a period of no gambling and, maybe, a DMP would be advised before looking into an IVA. Evidence of seeking help and barring yourself from gambling sites would also be required. A solution is out there.

I would suggest a chat with a couple of small / medium firms, rather than the "IVA factories" for individual advice and assistance.
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Lisa Thomas
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by Lisa Thomas » Wed Sep 19, 2018 3:33 pm
It is impossible to advise you without knowing more information I'm afraid.

I have produced various videos on each of the procedures you may like to look at here which might help you narrow it down:

https://www.gov.uk/complain-about-insol ... actitioner

£30k is a very high debt for a DMP.
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kallis3
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by kallis3 » Wed Sep 19, 2018 3:40 pm
We originally had a DMP for £80k before being advised to do an IVA.
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Foggy
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by Foggy » Wed Sep 19, 2018 3:56 pm
£30k is high for a DMP, but, of course, it will also depend upon the anticipated repayment level. But, more to the point, creditors often like to see a gambling free period and a short term DMP is one way of reducing the stress of trying to make impossible repayments during this period.
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