Given the amount of posts linked to people being pushed into getting a secured loan as they come out of an IVA if they have equity in a property what is the likelihood that they can now get such a loan INSTEAD of having to go into an IVA?
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
...or commission - which is now an issue linked to the whole PPI farce.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
The problem with just taking out a secured loan to pay your creditors is, if you were like me, you paid some debts off and then immediately ran up more. I don't agree with having to take out a secured loan but at least you know all of your debts are settled.
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
Only a small percentage of people in IVAs even qualify for a secured loan and as far as I am aware there are no commissions paid to IPs as these would have to go to creditors anyway.
We discuss all options with our clients before they enter and IVA and consolidation is one of these options. However most people would not qualify for a secured loan to consolidate as their debts are higher than the maximum they can borrow so as Kallis says they would only partially solve the problem and end up running up more debt.
When a client gets a secured loan in an IVA it clears the IVA but leaves the client totally debt free with limited options of obtaining more credit. This is a much better situation for borrower and lender alike.
