www.iva.co.uk

Hi,

This is more a general question of whats happened previously in my situation .. I have creditors meeting in 2 weeks so not too long to wait for the definitive answer but would be nice to see what is said

As I mentioned I have gone for an IVA.. Reason .. small gambling amounts over the years added up but I was managing no problem... Then earlier in the year I sold my car to my brother (i have a financial trail of this, and was the only way i could sell being the car had finance so worked really well) but didnt use the money to pay the finance rather paid off some cards and gambling debt and treated my family etc... so then in november I lost a few £K and decided to get a loan to pay the finance off as they payments were high £365 down to £235.. It was ok I could still use the car as and when as my brother is a fireman working 4 on 4 off etc.. but 3 weeks after that loan I lost everything i had avail on cards racking up a total £22k in card debt... Now the gambling is being addressed 44days clean and going to counselling etc .. but my loan i just got and I didnt even make 1 payment ... this is kinda new to me cause for the previous 8 years i had never missed a payment hence my excellent credit rating...
So now i rent .. I have no assets .. and can pay back about 0.17 in the pound .. sainsburys own 25%+ of the debt and they're the ones i never made a payment to ..

what "normally" happens here .. i say normally as i guess people dont generally take out loans 3 weeks before an IVA .. and tbh I had all intentions of paying it till that stupid night gambling everything

Hi and welcome. There are other forum members who have previously gambled. I am hoping that someone can offer you their experience. I'm glad you're taking control and sincerely hope the counselling helps.

Have you been honest and upfront with your IP?

Hi and welcome,

Sorry to hear of your problems - glad that you are getting something sorted.

Hopefully your meeting will go ok.

Hey thanks,

I pretty much closed off any possibility of me gambling by handing control of the money to my wife ! blocking software , counselling etc etc really hate what a mess i managed to get into in a month ! the previous year was manageable though i guess its taken this to stop all forms of gambling..

Just hope the IVA goes through as bankruptcy will be a whole mess about i could do without at this point but what will be will be I guess

Thanks

You have done the right thing and I'm sure the IP company will see this and point it out to the creditors.

You've made a positive step forward and I too hope your IVA is accepted for you

All the best, keep in touch with the forum as support is always here for you.

Personally I would probably have recommended Bankruptcy rather than IVA but as an IVA will probably last longer it might be a better way to help you control your finances.

Hey, I really wanted to avoid bankruptcy .. I wan't to pay as much back as i can if it takes 5 years then that is fine with me. I hopefully we will moving jobs soon too with a rather large payrise so if at first it doesnt succeed i may be able to go back with a better offer depending on when the job comes through.. Bankruptcy would have more far reaching consequences (mortgage etc) and for a months sillyness i will try not to mess up my complete future but its a little out of my hands.. If the creditors don't agree then i guess I go bankrupt and pay even less back :\ would be strange for them to force me down that route but i guess it's their right..

Kris

FYI you will have the same issues with your credit in an IVA - your credit record will be affected for 6 years too (same as BKY) so you wont be able to get a mortgage for over 6 years.

Indeed though I won't have to say I've been bankrupt at that point

Though I'm not sure how bad an IVA is asked about but sure it should give a few more options

Thanks Lisa

Hi Kris - I don't think an IVA will give you more options when it comes to your credit rating.

Agree to a certain point - they will both affect your credit record BUT if you were ever asked if you had been bankrupt you can answer no.

I agree with Kallis, lots of questions on house insurance and the like about bankruptcy. Also acknowledge there are questions about being in an arrangement with creditors on other forms.

I agree about wanting to avoid BR if at all possible. Lots more taboo attached to BR and major impact immediately. Noone would know about our iva unless we told them whereas BR is harsher. I hope iva is accepted snd the next 5-6 years teach you to manage money and budget and deal with gambling issues once and for all. Its the best thing we did. Ok credit rating affected but it was shot anyway through missed payments etc! We will deal with future mortgage issues when need to but at least we have a debt free future to look forward too. Good luck-let us know how it goes

Hi Kris

You have some options there and good opinions from some who have travelled the same path, but remember Lisa is a qualified expert, no disrespect to anyone else, bankruptcy is no more taboo than an IVA, but the IVA will allow you to pay more back and respect to you for that