As your credit rating will be shot, I doubt you would get a loan at all.
One of the experts will be along to help soon.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Yes there is an equity release clause. I've found a few places on the net who say that they can offer secured loans to people with bad credit, or in IVA's. As the loan is secured, I'm not sure if the credit rating means that much.
If one of these places is willing to give me a secured loan, would that be acceptable to pay off the IVA?
You say you'd be better off but you arent paying any interest on your IVA. If and its a massive IF,someone could give you a loan,I would imagine their rates would be extortionate!!
Even secured loans require some credit worthyness and right now if you have an IVA on file you would be as welcome as a fart in a spacesuit!!(or a hedgehog in a condom factory)
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi
Chat with your IP but just be careful as you could be landed with a very long term cost, if payments are the same as your IVA I can't see any reason to settle your IVA early ?
Regards
I agree - I imagine repayments would be over a much longer period, so would cost you more in the long run.
Stick with the IVA if is working for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think that you will find it very difficult to get a secured loan if you are currently in an IVA, but no harm in trying to see how much you could raise and therefore how much you could offer to creditors.
Do remember that the secured loan repayments will last far longer than the end of the IVA - so you might be better off in the long run plumping to stay and finish off the arrangement.
