I am in my third year of my IVA. I want to try and pay the IVA off early. I have sent an offer to Credit Fix, explaining that I will try and get a secured loan to pay it off. I have worked out that the rest of my repayments at £250 x 15 is £3750, plus £15,000 from equity (month 54), totalling £18750.
Therefore I made an offer of £16000 to credit fix. However their reply has come back as:
"Please note that you will have to make contact with your bank first. After receiving the confirmation for the successful re-mortgage then we will be able to call a meeting with your creditors with regards to the closure of your IVA. We will need an evidence of the re-mortgage, whether it is successful or not before proceeding with the closures of your IVA.
Kindly note that we will require the latest re-mortgage attempt. We will then be able to advise you furtherly".
My concerns are that If I do manage to get a secured loan are they going to add this into the IVA and then make me pay the payments too. Is it normal that I apply first or can I ask them to put the offer forward first?
I would be surprised if you could get a secured load whilst in the IVA. Who would lend you the money?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
They will not put an offer forward until they know that the funds would be available.
I would suggest a chat with Shaun Vickery of Select Finance. I believe that he has brokered such deals before and has worked with CF as well. His contact details can be found on his profile here: memberlist.php?mode=viewprofile&u=22837
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
