Quick Question? Maybe a Simple Answer!!

daftsod11

Can I do an IVA with gambling debts?
If NO.
Can I go bankrupt with gambling debts?

dapast

Who are the creditors??

daftsod11

Too many to list. About 15 in total including payday lenders, banks, credit cards and cash loans.

dapast

Iva should work, gamble aware might be worth a call too.

daftsod11

I am enquiring for my partner, who says the gambling is under control.
However I don't think it has been for long, maybe a week or two. Does this matter when applying for an IVA?

dapast

I'm not sure the length of time it been under control should be a problem, everyone needs to start somewhere, but proving it's under control may be required, professional help would be advisable if he/she has managed to gamble themselves into 15k+ of debt I would be reluctant to belive they just said "ok that's enough" and an IVA company might want proof the are getting help, but I don't really know.

daftsod11

ok. thanks for your help.

longtermplanner

Gambling debts are not a barrier to an IVA or bankruptcy. In bankruptcy your partner may get a Bankruptcy Restriction order as the gambling is likely to be classed as 'reckless' but a BRO matters very little really and he (sorry I am assuming your partner is he) shouldn't let this sway his decision if bankruptcy is otherwise a better choice for him and for you two as a family.

But I would definitely wait for at least a month or two before leaping into either debt solution. You both need to feel pretty confident that the gambling has stopped, not is "under control", stopped.

Lots of info on IVAs and bankruptcy on this site, including a summary page of how to choose between the two choices: http://debtcamel.co.uk/hard-choices/iva-vs-bankrutcy/

n.b. Don't be rushed into insolvency because your partner is worried about defaults and debt collectors etc. Talk to Stepchange about a Debt Management Plan as a temporary solution, whilst the two of you think things through for a while. It might even be ok for him on a permananet basis! http://www.stepchange.org/Debtinformationandadvice/Debtsolutions.aspx

althas

Ultimatley a lot of mine were due to gambling, refinancing to cover them and do more etc etc etc and I have an IVA

What I will say is be honest with your IP if you go that route, they will include this kind of information in your creditor reports as an explination as to why you are seeking an IVA

I am not here to preach or judge, I have been in your shoes. But if you are serious about dealing with your illness (which is what an addiction is), then seek professional advice and help. That would also "look good" to your creditors

Good luck on what you decide to do

DorisTrousers

No reputable IVA provider would take on a gambling case, certainly with recent evidence of it, unless there were clear and demonstrable evidence that help had been sought and there is a "clear" period where such help could be proven to have been of assistance. Usually, maybe 3 months "clean" bank statements would be a minimum benchmark. A lot of gambling is of course online which is easily detectable on bank statements, so anyone looking to avoid such scrutiny by using the old fashioned way of "going down the bookies" would like as not have some questions to answer about unusual patterns of cash withdrawals, so it isn't particularly easy to hide.


I wouldn't want to put you off the IVA process, nor Bankruptcy if you so choose, but be aware that some questions will inevitably be asked whichever route you choose to go down.