Debt advice required - 60K

Tomanydebts25

Gambling has been my single biggest demon since I was 18. I hid my problems from my family and friends, it's such a relief to finally be able to discuss my problems.

I have already self excluded from every online casino/bookie I have accounts with.

Funny you mention fishing, I have also begun to start fishing again (did bits as a kid) and I feel that has helped to keep my mind occupied.

Well done on your current progress.

I have also contacted a few other debt charities to seek advise on my best option. But everything seems to be pointing towards an IVA still.

Many thanks

National_Debtline

DorisTrousers wrote: »

I would just point out that if you do plump for the IVA route, payments can be reduced if necessary. The I.P. has discretion to do so by up to 15% without recourse to creditors, although anything over that would have to be ratified via another meeting of creditors

This is something that is outlined in the IVA Protocol but not all IVA companies follow this protocol. It is an elective code of practice so if the company doesn't follow this protocol then the only rights an individual has are the ones which are outlined in the terms and conditions of the IVA.


If you do decide to go for this option then I would suggest that you shop around for an IVA that does follow this protocol. It will give you more protection in terms of varying payments (as Doris Trousers states above) and during the equity release aspect of the IVA.


Laura
@natdebtline

DorisTrousers

That's a fair point, one or two firms I can think of don't, so be absolutely sure before you instruct anyone to act. Also, do not deal with any organisation that asks for payment in advance of a creditors meeting, and there are some about, as an IVA can be rejected at MOC. Most will not ask you to start paying unless and until an IVA has been approved.

Tomanydebts25

Thankyou for the advice. I will certainly make sure I look round for the right one for me. I still think IVA is my best option.

Thanks

dancingfairy

An iva is a legally binding agreement and a form of insolvency so make sure you understand what you are signing up for ( you should always make sure you understand what you are signing up for though really).
Have you considered bankruptcy? Of course it depends on how much your share of any equity is. If there is little or no equity it's definitely worth considering.
Don't feel rushed into making any drastic decisions, it's fine to make token payments for a month or two whilst exploring your options and getting advice.
Df

Tomanydebts25

DF -

I understand it is legally binding and a form of insolvency. I considering bankruptcy we don't want to lose our house. We've only had it 18 months but currently have about 30/35K equity in the property.

DorisTrousers

Personally, I am not a fan of BR where there is a property involved unless there is massive negative equity, or if you don't want the house anyway and are happy to lose it. Too much can go wrong, too much guesswork involved and you take a massive risk.

See https://forums.moneysavingexpert.com/discussion/5472469
for an example of that. I know it isn't really relevant in this thread as you have decided upon IVA, but as a warning to others make sure you are crystal clear about the risks of BR and are certain of the equity (or not) situation before you press that button.