I continued to gamble and ran up debts

[dph]

Hi,
I'm currently one year through my IVA and have been sent an annual questionnaire by the insolvency practioners (who initially set up the IVA) to ascertain whether I can increase my monthly payments.

I got into debt in the first place through compulsive gambling and ran up unsecured debts of around £75,000. I currently repay approx £800 through the IVA per month.

However after the IVA was set up I had a credit card (which at the time of taking out the IVA was unused), I continued to gamble and ran up debts of approx. £10000. My father paid this off and I repay him each month, which I can afford because I got a payrise six months ago (I did not inform the insolvency people about this).

So now I have a problem, what will happen if I include this payment on my schedule of monthly outgoings. My father is reliant on this money and he could not afford to be without it.

Finally at the time of taking out the IVA I was living with my father, I'm now living with my girlfriend, how much can I claim to be paying in rent?

[bagpuss]

I think you should speek to your ip...they really should be told of any changes in circumstances like wage rise etc...and its part of your IVA agreement not to take out any further credit.

You have to cut that card up chick...x



Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[MelanieGiles]

I am sorry but I am not going to be sympathetic on this one. Your IP will not be happy at all, and will probably fail the arrangement unless your father agrees to waive his repayments. You are unlikely to be allowed to include the £100 as part of your allowable expenditure, and must now face the consequences of some very reckless behavior.

I don't think it is an IVA you need but GA. Please go and seek some help about this problem as soon as you can. £10,000 is a lot to have incurred during the last year, and will probably result in the failure of your IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[johnt]

Melanie, I should also point out that many of the major online gambling companies are required now by law to offer help to customers thorough responsible gambling measures to help people who are in this situation. It can be difficult being sypathetic about this, if you have never gone through it. It is a very real problem in the sense the individual can lose all control. There is a lot of shame and guilt, which can become very destructive.

I would first admit to yourself you have a problem. Destroy all your credit cards, and immeadiately contact your IVA practitioner, declare everything, and explain you are seeking help!

[MelanieGiles]

Thank you for that John - I was not aware of that. The only reason I am not sympathetic is that this substantial debt was incurred after an IVA had been accepted by creditors, and it clear that there is need for more than debt assistance in this case.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[iva experts]

Welcome to the forum dph,

You absolutely need to talk to your I.P and be completely up front and honest about your situation. As Melanie said it doesn't look good and your I.P will probably fail your IVA but you need to speak with them.

Why didn't you keep your I.P informed in the first place?

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Adam Davies]

Hi
I,m not so sure that your IP will fail your IVA but one thing that you must do is be completely honest with him/her.You have a change of circumstances,and probably costs,regarding your living expenses and it may be that you can agree a way forward with your IP and maintain the original monthly payments.
Just be sure that you have no other cards,credit or debit.If your IP does agree to continue with the arrangement you need to be aware that he/she will not allow you to do this again.
Please let this forum know how you get on
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp