Anyone took out a secured loan for full settlement

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Debt Monkey

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Post by Debt Monkey » Sat Jul 21, 2007 6:57 pm
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Just curious? I know the whole point of IVA is to become debt free but due to personal circustances discussed in my earlier posts I am keen to try and settle early.

If anyone has done this I would welcome any info, how much did you borrow/how much equity did you have/what APR can be expected and who will lend to someone in an IVA.

Any info greatly appreciated.

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Storm

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Post by Storm » Sat Jul 21, 2007 7:05 pm
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There are a number of secured lenders that will lend whilst in an IVA (With express permission of your IP).

Loan 2 Value - 80-85% (Max)

Rate will depend on a number of factors but you would be looking at probably 8-12%
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Debt Monkey

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Post by Debt Monkey » Sat Jul 21, 2007 7:08 pm
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Not much chance of using one of the lenders then that say they will lend to 125% then, my mortgage is probably about 85% so it sounds like this will not be feasible.

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Storm

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Post by Storm » Sat Jul 21, 2007 7:52 pm
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The only subprime lender that will lend to 125% is Welcome but they don't accept IVA's and the APR is very high.
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