In my book a high interest loan is not a remortgage but that's what I am being steered towards

[geoff.b]

hi,
i,m in an iva at the minute.my question is this,i am 61 in july is it possigle to get a remortgage a secured loan already exists on the house, but my ip is trying to steer me towards a high interest loan which would only plunge me deeper in debt,therefore ive declined their offer, ive tried to remortgage myself but thus far have only been offered high interest loans .in my book that is not a remortgage,
many thanks look forward to hearing from you cheers

[MelanieGiles]

I agree with you Geoff. If your IVA proposal specifies a remortgage and you have tried this and been declined, you have complied with everything you have to do. Which IP firm is acting for you?

[Foggy]

It is DFD, Mel.
Geoff, which loan company are you being steered towards ?

[MelanieGiles]

Why are they saying that you need to consider taking a loan out Geoff?

[plasticdaft]

These secured loans seem to be the next big thing. Why anyone would sort out unsecured debt by taking out secured debt is beyond me!!

Paul

[Christabelle_sparkle]

All this secured loan talk worries me greatly.

[Pennyless]

Geoff.b I would read your IVA documentation very carefully as Mel says. If it clearly states "remortgage" and your attempts have met with negative results then I would assume that as far as the law is concerned you have complied with your IVA requirements. If DFD want to push you down the "loan" route then I would seek the assistance of a solicitor.