Hi, I have an IVA for £11000, to pay back over 60 months. It's only a year old and I've paid back £3000. I have a joint mortgage and this was not included in the IVA as its shared with my Mother. Things have changed in the last few weeks as she has been diagnosed with a terminal illness. I need to move into the home and now I'm needing to end this IVA because I've had a substantial pay rise. Would I be able to get a secure loan to clear this debt and then I'll be able to manage to afford to run the house. Please can someone give me some advice
I am sorry to hear about your mother and creditors will be sympathetic. I am unsure if you would qualify for a secured loan as the IVA has not been running very long but contact Shaun Vickery at Select who has access to these products. His details are in the experts section.
So sorry to hear about your mother and I hope that creditors will be sympathetic.
I do agree with Michael that you should seek advice from Shaun.
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.
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Again, can I add my sympathy to the other experts on the news about your Mother. It must be a very difficult time for you. The difficulty you would face regarding your intention is two-fold. Firstly, as Michael points out, the IVA has not been running very long and this may make it difficult to convince a lender. The other issue is that, with the mortgage being joint with your Mother, she would need to be party to the application and, in light of the circumstances, this might prove difficult. Of course there is no harm done in looking into it in more detail however.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.