Page 1 of 1
Posted: Sat Oct 18, 2008 9:26 am
by robbo201
I have decided to borrow funds from a friend to complete a lump sum iva as it is cheaper, but will the credit card companies consider that i have more equity in my property as apposed to taking out a secured loan?
Posted: Sat Oct 18, 2008 10:26 am
by Viki.W
Hey robbo, are you already in an IVA or just thinking of a one off lump sum payment to clear all your debts? Is there any reason why you couldn't release equity? Is there any reason why you couldn't contribute monthly payments afterwards? The creditors will want to know this.
Posted: Sat Oct 18, 2008 11:35 am
by MelanieGiles
The money you are borrowing from your friend could be secured against the equity in your property - as I am sure that they will want some security for the lending? You should agree a repayment programme with your friend based upon the level of disposable income that you currently have available.