Hello, we would be very grateful for any advice on how we can best pay off credit cards

Get expert opinion. This is the place for new questions to be posted.
2 posts Page 1 of 1
 
 

Mark.38

User avatar
Posts: 1
Joined: Fri Apr 17, 2015 10:13 pm

Post by Mark.38 » Fri Apr 17, 2015 10:13 pm
Hello, we would be very grateful for any advice that can be offered by any IVA experts.
We no longer own our own house but rent privately. The only assits we have are a small business which we own the freehold of. Ideally we would like to raise the capital needed to pay off credit card debts (60k) against this property does anyone know of a lender that could help?
Our current profits and income may just be high enough under the very tight lending guidelines but it would mean lying to the bank why we need a " business loan" which obviously I do not wish to do.
There would still be at least 75% equity in the building so any lender can put a charge against the freehold on the deeds.
The crazy situation is we would like to pay off all the credit card debt and we have a way to do it but we may have no option but to go down the IVA route.
We could use IVA but I know in the last year many lenders can ask us to release equity to pay the balance of debt so I see no point in doing this in 5 years time when we can do it now without destroying our credit rating.
Many thanks in advance for any help.
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Sat Apr 18, 2015 8:20 am
Hi

Contact a commercial mortgage broker and look at the options available

Another possible option to consider could be an informal debt management plan with your creditors rather than the formal IVA, this will keep your property out of the loop

Whatever you do take advice from several companies on all options before deciding

Regards
Andam Davies
2 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”