Hello, this is Desperado77. I cannot login so am trying to reply to Melanie Giles by this method.
Melanie, our IVA Company is debt lifeboat in birmingham.we did not ask them to source a secured loan for us, they asked if their financial advisor could try and source a remortgage, as they could not they have now suggested this secured loan of £8950 at £134 per month over 15 years ! We are scared we may be forced to do this. The very reason we took an iva was to try and be debt free in five years not be tied in for a further 15 years to a loan with the type of interest rates that got us in a mess in the first place. Surely this is not right or ethical? They are sending the paperwork for the proposed loan this week.
Please advise what we should do next?
Ask your IP to confirm where they feel a secured loan is required under the terms of the IVA. It sounds to me as if this is merely being suggested as an option, but it doesn't seen a very good one from your perspective based on the information you have provided.
