Hello and welcome. Gambling is not an uncommon reason for getting into debt and there are solutions. They will require a good deal of work and commitment on your part though.
You will need to demonstrate to your creditors that the gambling is a thing of the past and will not be an ongoing issue. Joining something like Gambler's Anonymous will be a great step forward.
I would also suggest that you speak to your GP about the suicidal thoughts. I would think they are largely down to your situation, rather than you actually wishing to kill yourself and a bit of support from your GP will also go a long way. When the IVA, or whichever solution is best for you, has been put into place things will feel a lot better.
Finally I would suggest to chat to a few companies on the phone, to discuss your specific circumstances. A firm I know have a few clients with similar issues to your own are McCambridge Duffy. They are a more client based firm than some and have a good reputation. Well worth having a chat.
There ARE plenty of options, so do not despair.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
At the end of the day it is only money and the problems can be resolved. There are plenty of gamblers in IVAs and most have learned their lessons. Contact an IP firm for some professional advice and there is a way forward.
We had a professional person who gambled hundreds of thousands including large amounts owed to HMRC and he is in an IVA. It was supported by HMRC and his professional body.
£19k, whilst not small, is not an insurmountable amount. For comparison when we took out our IVA (ex wife and mine were interlocking IVA's) our income was around £30k and the debt £59k.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I too got into trouble gambling with debt/ income far worse than yours, also with a recent loan.
I was initially refused IVA as they wanted to see statements free from gambling for 6 months.
The second application sailed through and I am now 9 months in and best thing I've done!
There is hope, pick up the phone to a reputable company, it will feel like a weight off your shoulders
It is not a bad idea to at least make a couple of months payments to a debt management plan before proposing the IVA. The IP can then ensure no recent gambling and many IP firms will set the DMP up for free as it is only a temporary measure.
I am glad you are feeling better and your problems can be dealt with.
A DMP just means making reduced payments based on affordability and usually the interest and charges are stopped. It may even be your best option depending how much you can afford to repay each month if you could be debt clear in less than 5 years.
Once you have done an income and expenditure account and know what you can afford to pay your IP firm will be able to advise better as to what is best and you can then decide. A DMP is also more flexible than an IVA and your wife would not need to know so is could be your best option short or long term.
Just spoke to an iva company and have been told as iv only been paying in to my new loan for 2 months I would need to wait at least a year in to my loan to apply for an iva and it would be the same with a payment plan. Is this right?
Soo where I'm at is iv owned up to the problem, self excluded myself all casinos attending addiction counselling as well as my other counselling.
Iv made a big step today but not really any further forward.
I'm with Milner Boardman and always reply same day and very helpful.
I had a loan for 4 months before my first application and creditors never brought it up. And it was obviously less than year when finally accepted after 6 months of no gambling.
The IP said as long as could prove loan was for debt consoloidation (as I stated on loan application) and not taken out knowing I would apply for IVA shortly after there would be no problem
So I think that advice is somewhat flawed
The gambling house aways wins in the end.Only profesional poker gamblers make a career out of it.
I wouldn't get too much into the psycho babble to explain your gambling....playing the lotto is gambling.
Nick Lesson gambled £800,000 assets away that took surreal guts...He was a chancer and winner at one time.
You need the lucky of the devil to keep winning....
You had your fun....Iva the debt.
My hubby accrued debts from gambling, please read my blog, 6 figures of debt!
we went with Cleardebt and had recently acquired debts included, no problem. Perhaps it depends onthe ppercentage of debts with the creditor. If they have a controlling amount, it could affect it perhaps.
Hubby showed bank statements and printed his opt out from the websites too.
Gambling is an addiction but you can overcome it.
you have much to celebrate if you have a beautiful son. No amount of mpney is worth upsetting him. We have turned things around and have now completed our iva.
There will be a solution for you I am sure. Try Cleardebt or Michael who is on here or a couple of others. The answer is out there. You will not be alone now you have found the forum! t
Phat_mylo .... speak to a couple of other firms for advice ..don't just take the first one as right !
Look at Michael People's profile and consider contacting his company.
There will be a solution for you and in 5/6 years time you will be debt free.
Try and find the courage to speak to your wife about the debt - are there other family members who may be able to help you ? £19k of debt is alot to you, but like foggy ours was significantly more ... in fact 4 times more £76k !
We are now clear of our iva and have been debt free and living life within our means for the last four years ... it takes determination and strength ... which you have !
You have so much to live for ..your young family need you now - speak to your GP and gain some help and counselling maybe ...
Let us know how you get on x
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
