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collins1988
Contributor

7 Posts

Posted - 09 Mar 2018 :  09:48:13  Show Profile  Reply with Quote
hi guys. I would really like some advice as i have really messed up during my IVA and have been betting a lot of money. I have been borrowing money to accomodate this and know that I am going to be taken off the IVA. What will i need to do after this. I know this is all caused by myself in desperation but im suffering with stress and anxiety through this.

IVA Adviser
IVA Expert



759 Posts

Posted - 09 Mar 2018 :  10:28:54  Show Profile  Reply with Quote
Welcome to the forum collins1988.

I'm sorry to hear that you're in this tough position.

If your IVA is failed you'll effectively be back to square one. You'll be able to work with an adviser to identify which debt solutions are available to you and which are most suitable, all based upon your current circumstances.

You may have addressed this situation already, but it's clearly going to be vital for your future wellbeing that the gambling issue is addressed. Please seek out some support in this respect to make the journey a little easier. As well as being the right thing to do for your future, you may need to evidence that gambling has stopped before certain types of debt solution are available to you in the future.

You mention stress and anxiety, which is very understandable in the circumstances. We'd recommend that you reach out to your GP if you haven't already. This is really important as feeling that way will make it much harder to make the right decisions about how to deal with your debts and also to address the gambling (if you haven't already).

Please feel welcome to continue posting here as this situation develops if you'd like further information, advice, and support.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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collins1988
Contributor

7 Posts

Posted - 09 Mar 2018 :  11:08:14  Show Profile  Reply with Quote
My IVA has not failed at this point but they have requested any winnings that I have had. There is no profit. Just loss.

What are the chances of seeking help down the line once i can prove this is totally under control. Will i be able to enter an IVA again.



a collins
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IVA Adviser
IVA Expert



759 Posts

Posted - 09 Mar 2018 :  14:01:20  Show Profile  Reply with Quote
Hi collins1988.

Yes. There are cases when people will enter an IVA again after one has failed.

The insolvency practitioner involved may request evidence as to how the underlying gambling issue has been addressed and/or they might request bank statement evidence that gambling has ceased for a period of time.

This is for their customer's benefit really. There's little point in starting an IVA which is very unlikely to be completed.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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collins1988
Contributor

7 Posts

Posted - 09 Mar 2018 :  16:49:12  Show Profile  Reply with Quote
Thank you very much

In your opinion what do you think the outcome would be. I am fully expecting to be excluded from the IVA for this. But thsi will not happen again, i have been under a huge amount of opressure for teh past couple of years with personal reasons. i know its no excuse but if i duisclose this to them do you thnk i would be able to continue or is that it

a collins
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IVA Adviser
IVA Expert



759 Posts

Posted - 12 Mar 2018 :  09:04:55  Show Profile  Reply with Quote
Hi collins1988.

In principle, if your current IVA is terminated, there's no reason why another IVA couldn't be started. As already discussed you may be expected to provide evidence that the gambling has stopped for some time.

I think you're asking more however whether there's a way the closure of your current IVA might be avoided? All I can really say on that subject is that there doesn't appear to be anything to be lost by trying.

How much new debt has been built up during the IVA?

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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collins1988
Contributor

7 Posts

Posted - 12 Mar 2018 :  14:07:40  Show Profile  Reply with Quote
Hi

yes im wondering if thuis is something they would consider. Im happy to provide evidence wekkly monthy or how often they want to support the fact i will stop.

I have 500 worth of debt now but i am paying that back.n I have been under sonsiderably pressure with personal issues and been trying to win money to pay for that. I need to find court fees and solicitor fees to gainm acess to my daughter. I know this is not the correct route but in desperation went down here. I felt my life back on tracjk with the IVA and feel like ive through it back in peoples faces by gambling. I am happy to aaccept the consequences.

I have spent a lot opn this over the past 12 months. Would it be better for me to disclose how much or just end the IVA myself. Im just wondering whats best for me in the future, for records sake.

a collins
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IVA Adviser
IVA Expert



759 Posts

Posted - 12 Mar 2018 :  14:34:44  Show Profile  Reply with Quote
Hi again.

You might well find that there's a limit on how much you can borrow while in an IVA - this could be 500 for example. Worth taking a look at your original paperwork to see where you stand on this subject.

Have you been challenged by your IVA provider on this subject?

Are your IVA payments up to date?

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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collins1988
Contributor

7 Posts

Posted - 12 Mar 2018 :  14:51:55  Show Profile  Reply with Quote
I have not been challenged. I called them to advise that i have been gambling as i knew i have messed up. No w they have asked me to provide details of how much i have used and alos received from winning bets.
Al the payments are upto date yes.

a collins
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IVA Adviser
IVA Expert



759 Posts

Posted - 12 Mar 2018 :  14:56:28  Show Profile  Reply with Quote
I wouldn't do too much at all right now in that case.

May be best to see how this plays out from here.

If no rule breach is identified, you can carry on making the IVA payments, and you can find a way to deal with the newer gambling debt without causing other problems for you, then everything might be just fine.

If you are challenged and this is becoming a problem, being open and honest about the background to this situation will probably be to your advantage.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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collins1988
Contributor

7 Posts

Posted - 12 Mar 2018 :  16:08:44  Show Profile  Reply with Quote
The company has asked me to provide evidecne of winnings which there is none. They asked me on the back of a call i made to them. Are you suggesting I leave it there and let them request again from.

If there is a breach do they automatically remove you or will they ask me why thsi has happened.

In all honesty I had betting transactions on my account before the IVA and they just advised me to stop for 1 month and then send in my statements. I actually had a lot of betting transactions at that time. I wish the severity was explained then so i could make sure i fix my problem beofe now.

a collins
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IVA Adviser
IVA Expert



759 Posts

Posted - 12 Mar 2018 :  16:18:51  Show Profile  Reply with Quote
Hi collins1988.

I don't think we're necessarily looking at anything automatic here.

Insolvency practitioners have to make balanced decisions that reflect the interests of your creditors. If there's no serious breach of your obligations and the viability of the IVA hasn't been undermined then hopefully things can carry on.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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collins1988
Contributor

7 Posts

Posted - 12 Mar 2018 :  16:33:36  Show Profile  Reply with Quote
Ok i will just see what happens from here on in.

If i was removed then will i be given an upd#8203;ate of what I still owe to all my creditors? Is there a period in which i will be excluded from applyng again. Say like 3 month for instance.

Thank you for your help on everthing Ive already asked. I know i keep asking quetions but i just feel like ive let myself down doing this and want to know as much detail for moving forward. Plan for the worst. I just dont meed to go back to that worrying state with everything else i have to contend with


a collins
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IVA Adviser
IVA Expert



759 Posts

Posted - 12 Mar 2018 :  17:05:27  Show Profile  Reply with Quote
You should certainly be upd#8203;ated about your debts etc if the worst happens, but hopefully no need for that to occur.

There's no fixed period regarding entering a new solution if the worst happens. There is of course a duty of care to you to ensure that any necessary steps have been taken to avoid the same scenario arising again, though different people might interpret the detail of that in different ways.

I fear this comment may cause alarm which I don't intend, but you should be aware that one possible consequence of an IVA failing is being made bankrupt. I'm not saying that this is likely, but it's another reason to try to find a way forwards with the existing arrangement if you can.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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