hi little more advice please as each day now is getting hard to face. with over 25,000 debts and most down to gambling possibly 90%. im worried there is no way out of this situation. conflicting advice saying no way will creditors accept an iva with so much gamling debt. others say bankcruptcy will fail when a court judge see's how iv,e wasted so much money. as some gambling are within the last few months. im getting help from ga and gamcare and know now what iv,e done is totally shelfish and unreasonable. if any one is able to give me more insight in to what i can expect to happen id be forever grateful. ps. my only wish now is to try and gain a new start and learn from my stupid mistakes. regards.
I would suggest talking to one of the experts who post on here as they will be able to advise you.
Your BR won't fail or be refused, but with that level of gambling debt you will most likely be given a bankruptcy restriction order, meaning the restrictions of your BR could be extended for up to 15 years.
As tracey says you bankruptcy WILL NOT be turned down for that reason.
You may be given a BRO, in fact it is likely and so it will be easier on youself if you go in expecting that, then if you dont it will be a bonus. The BRO is there to protect you as well as creditors as its main affect on you will to simply prevent you from getting credit to gamble with, The OR will allways take into account that you are now getting help with your addiction and trying to turn your circumstances around
Worried there is no way out of my situation
Posted - 29 November 2010 : 21:34:42
