Could I get a loan?

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jenny196
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by jenny196 » Thu May 24, 2018 8:45 pm
My husband and I are parting but still living in same property. We have sold property but have just found out will have to pay £19000 to pay off IVA. I needed all of the equity to put 25% on a shared ownership property, as I need a bungalow and private rental is too expensive as I have MS and find stairs difficult. Would I be able to get a loan for £19000 to make up the difference?
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luluj
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by luluj » Fri May 25, 2018 4:37 am
You would need to seek the permission of your IP while the iva remains active. Once concluded you could pay for a loan but with the iva remaining on your record for 6 years from the start date it may be difficult to achieve one.

You could speak to Ryan and or Shaun our forum mortgage experts who may be able to offer more advice
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Foggy
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by Foggy » Fri May 25, 2018 6:32 am
Are you both in IVA's or just one of you ?
A loan might prove difficult now that you have sold the property as you have nothing to secure the loan against and a new mortgage could prove difficult until the IVA has cleared from your records, assumimg you have the IVA and not just your husband ( 6 years from the start).
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Lisa Thomas
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by Lisa Thomas » Fri May 25, 2018 8:26 am
I presume you did not seek a variation order before selling the property? If so this unfortunately means all of your share of net equity will have to be paid into the IVA. You will only receive some back if there is a surplus after paying off the total debt in full plus interest and costs.

Has the property sale actually completed? If not, you might want to reconsider and try to get a full and final variation order approved by creditors first.

You will almost definitely not be able to get a loan unless and until your IVA is finished, you have your CC, you have come off the register and 6 years has passed since the start of your IVA.
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Shaun Vickery
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by Shaun Vickery » Fri May 25, 2018 9:12 am
Like Lisa I'd be interested to know how far the sale has progressed and whether you have discussed this with your IP?
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