www.iva.co.uk

Hi my names Stephen I'm 21 and already I'm 20000 thousand in debt I need to sort it out I can't keep up I have never missed a payment but borrowed so much of friends
I have a daughter and a son on the way in 2 months. I earn 2 k a month

I have a 10 k loan that I took out 3 months ago

A 4k loan

A 4 k over draft
A 3500 credit card
They are all with Llyods bank

I pay out around 1800 a month on living expenses

My 2 loans cost 850 a month

But now my credit card has started charging around 100 a month I also like 2k on store cards but I would exclude them in Iva

I'm so depressed and have stopped gambling there is no transactions for gambling on my bank for 2 weeks and no big ones for a while

I will not be able to keep up with the payments when my son is here and even now I borrow a lot of friends and family I'm so stuck in a hole

I know it's my fault but I find it crazy that I was able to get 10 thousand pound in 5 mins on my phone at 21 with gambling history

Please give me advice

Hi. You need to speak with ( preferably) a few firms, as they do all operate differently -- some will want evidence of no gambling for 6 months, some 3, others none at all ! I know McCambridge Duffy have had success in getting gambling debts accepted in IVA's at an early stage (including some eye watering ones !).

You will need to address the gambling habit -- get yourself barred from online and app gambling sites at least.

You will have to include ALL debt in the IVA, including the store cards ... as the majority of debt is with one creditor they will really have the final say, having most of the voting power from the off.

It may seem hopeless but just posting on here is a very big step. Your family and your health are much more important than the debts so speak to an insolvency firm for some advice. As Foggy says we have had many gamblers over the years including one who lost tens of thousands lost on way day and another who lost hundreds of thousands due to HMRC. There is a solution available and things are not as bad as they look now. You have acknowledged the problem, stopped gambling and are seeking help so you are doing everything right.

Thanks fir the replys I'm going to ring credit fix later and see what they say

Stephenh wrote:

Thanks fir the replys I'm going to ring credit fix later and see what they say

CF do seem to handle straightforward cases well -- if lacking in communication. However, you will be a small grain of sand on a very large beach.

Hi

It's not the end of the world and an IVA with a history of gambling is possible although it might not necessarily be the best option for you.

There are other options that might be more suitable for you, summarised briefly here:

https://www.youtube.com/watch?v=TgalT1vhn6M

You should either speak to a licensed Insolvency Practitioner, a charity that specialists in insolvency or the CAB for advice.

Best of luck.

I know exactly how you feel. 7 yrs ago i earned 2200 net per month and paid out 1900 in loans, credit cards, store cards and overdraft. 42k debt in total. I entered an IVA 6 yrs ago and agreed payments of 433 per month. From that day my life completely changed. Now im finished with IVA, debt free, and enjoying having a healthy savings account and family holidays.
Good luck with your application. You've taken the 1st step by looking on here.

I felt the same 5 years ago. I got loans out as it was if the companies were handing them out on a gold plate. I had every intention of paying back each previous loan with every new loan but in the end i wasted about 18 grand on absolutely nothing. When it came back to paying it off I had nothing left and soon realised how foolish I had been. I have just finished my IVA (literally today) and I can say there is light at the end of the tunnel, five years seems a long time but it goes quicker than you think. Sometimes we need to learn things the hard way and I learnt a huge lesson. if you want advice about a good company to go with I would have a look at Cleardebt, they really helped me out when I needed it the most! Good luck mate

Really good to see these supportive posts from people who have come through the other side. Well done to each of you.

For the original poster - you are not alone, support is there for you so don't give up x