Can i get loan to pay off iva?

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sonia
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by sonia » Mon Jan 08, 2018 12:17 pm
Is it possible to get a loan to pay off iva I have been in iva for 12 months . I know I can’t get normal loan but what about secured loan. I currently pay £80 per month
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Foggy
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by Foggy » Mon Jan 08, 2018 12:27 pm
There are loans available for this purpose, but, as you can guess, you will end up paying a lot more in interest. We have also seen that some creditors do not like this and will reject an offer where the lump sum has been raised by a commercial loan.
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kallis3
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by kallis3 » Mon Jan 08, 2018 1:35 pm
Is there any reason you want to finish early? Your credit record will still be shot for the full six years.
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Lisa Thomas
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by Lisa Thomas » Tue Jan 09, 2018 12:12 pm
This is a very small repayment for an IVA - c£5k in total by my calculations or c£5,800 if the 6th year extension applies.

If you were able to get a secured loan to pay it off what are you hoping to achieve by finish the IVA early?

You would then have to repay the secured lender and it would probably cost you more in the long run.

Given that your payments are pretty nominal it might be an expensive way to go about it.
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