payday loan help

edited 30 November -1 at 1:00AM in IVA & DRO
2 replies 933 views
danp100danp100 Forumite
62 Posts
edited 30 November -1 at 1:00AM in IVA & DRO
Hi,
the reason i am in an IVA is due to gambling, and i am over 2 years in now. I stopped gambling for 18 months but recently i have been sucked back into it, i just want to stop again and i will. The problem is i am into a payday loan for around 500 which i cant really afford. Should I tell my supervisor about this, and is there any way this can be added into my current IVA? My first priority is to get the gambling under control again, i hate myself for getting back into it, but I am not sure what to do about creating my debt from this payloan company which just rips people off? many thanks for any advice

Replies

  • Hello Danp and welcome. Sorry to hear you are struggling with things, breaking the cycle of what is essentially an addiction can be very difficult and well done for recognising you have a problem and you are taking steps to deal with it.

    Personally I would be honest with your IP and contact them if you are struggling to afford the payday loan, especially if they can actively see you are taking steps to stop the gambling. Although there is the problem that depending on the terms of your IVA, you may not have been able to have taken on additional credit, I just think trying to hide something like this could be worse in the long run should your IP find out.

    Good luck.

    Wisdom comes from experience. Experience is often a result of lack of wisdom.
  • I think it is best for you to be honest and find a solution with your IP, the additional debts will not be added to your IVA as they were incurred post IVA approval.
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