can you gamble with an iva
Can You Gamble with an IVA?The short answer is: no, you cannot gamble with an IVA. An Individual Voluntary Arrangement IVA is a legally binding agreement with your creditors. Its designed to help you manage your debts and repay them over a set period. Gambling, however, is considered a nonessential expense under an IVA. Why is gambling forbidden? Breaching the IVA agreement: Your IVA agreement likely forbids you from taking on new debts, including gambling debts. Financial instability: Gambling can be addictive and lead to further financial instability, hindering your ability to meet the terms of your IVA. Creditor concerns: Your creditors have agreed to the terms of your IVA based on your commitment to financial responsibility. Engaging in gambling undermines this commitment.What happens if you gamble? Breach of contract: You could be in breach of your IVA agreement and face consequences, such as the IVA being revoked. Financial repercussions: Your gambling activity could worsen your financial situation, potentially leading to further debt. Reputational damage: Your creditors may lose confidence in your ability to manage your finances.Seeking help:If youre struggling with a gambling addiction, its crucial to seek help: GamCare: A national charity that provides support and advice to people with gambling problems. Gamblers Anonymous: A support group for people who want to stop gambling. Your IVA supervisor: They can advise you on how to manage your finances and prevent future debt.Remember, your IVA is a chance to rebuild your financial life. Prioritize your commitment to the agreement and avoid engaging in activities that could jeopardize your progress.
