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Posted: Sat Oct 11, 2008 9:31 am
by gerardm
i recently took a loan for 25000 2 months ago to clear debts and it hasnt worked out wouuld i still quailify for an iva
Posted: Sat Oct 11, 2008 9:36 am
by Viki.W
Hey gerardm, welcome to the forum. Could you just post a few more details so that we can help further. Who did you take the consolidation loan out with and what other debts do you have?
Posted: Sat Oct 11, 2008 9:53 am
by kallis3
Hi and welcome from me too.
Is this consolidation loan a secured loan?
Posted: Sat Oct 11, 2008 1:00 pm
by MelanieGiles
An IVA will not work if you only have one creditor, but if there are others you may qualify for this procedure. If you could post a few more details about your situation, we may be able to assist further.
Posted: Sat Oct 11, 2008 1:52 pm
by plasticdaft
This is where I feel many people fall down,they have several creditors and could apply for an iva but go for one last try at sorting things out,take a consolidation loan and have just one big debt,then realise that they still cant manage but now have just one creditor and so cannot apply for an IVA. We rushed into 2 consolidation loans and almost went for a third,with the bank twisting our arms that it was a good idea,fortunately we saw sense,and realised that consolidation loans do not work for us,they may for others but we needed proper help,not just another loan thrown at us!!!
Posted: Sun Oct 12, 2008 12:02 am
by David Mond
Depends who the loan was with - most of them won't agree to an IVA if the loan has not been running for at least 12 months. Give more details as to who it is with and list all your other debts.