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I am unsure whether to apply for an IVE or attempt to get a secured loan over say 13 year to clear my £26000 of debt. I am worried thet IVA will have a negative effect when I re-apply for my mortgage. However, I am tempted by th idea of being debt free. Is it really bad to have an IVA?

Hi v.3 and welcome to the forum,

Some lenders view IVA’s as no worst than a standard loan – others will not touch IVA’s with a barge pole. It does all depend on your personal circumstances and the amount of defaults, missed mortgage payments etc.

I will say that IF an IVA is run satisfactorily and you are able to obtain the permission of your IP / creditors to remortgage, there is no reason why you would be unable to remortgage at a later date.

If you have enough equity to secure a second charge loan would it not be feasible to remortgage now and raise enough to clear your debts?

Also if you are not insolvent e.g. you have sufficient equity in your property, you would not be able to enter an IVA.

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Hi V3
So much depends on your situation. personally an iva has been great for me. Ther are lots of things to take into consideration. 13 years is a long time and with an iva it is clear in 5/6 at the most, but if you own property you may have to release some of the equity in year 4.
If you post more of your income and disposable income then more advice can be given, also the amount of equity in your home.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Hi V3
If you have more than 26k of equity in your house then you are not insolvent and can not enter into an IVA.
Your options are either the secured loan/remortgage to consolodate,but be sure to cut those cards up,or a Debt management plan if you are having difficulties meeting your minimum repayments.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi V3,

An IVA can be a great solution to an individuals debt problems, could you please provide who your creditors are? and what your disposable income is (income minus living expenses)?

As Andy stated if you have enough equity in your house to pay off your debts then you are not insolvent and cannot do an IVA.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/