How can I borrow funds now IVA is finished

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kerry395
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by kerry395 » Mon Jul 30, 2018 7:42 am
i had an IVA and completed 2 yrs ago , so still have the stigma against me on credit check etc. im looking for a consolidation loan for new loans but nobody wants to even consider me...any suggestions how I can borrow funds
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kallis3
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by kallis3 » Mon Jul 30, 2018 8:04 am
When are your six years up?
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Foggy
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by Foggy » Mon Jul 30, 2018 9:01 am
Has the 6 years passed to allow your credit files to clear up ? That apart, you have taken on a load of credit in the last couple of years, which would raise a few red flags, even if the IVA was no longer evident. Also a few refusals (evidenced by searches showing with no new account opening) in a short span of time would warn potential lenders that you are a high risk.
Consolidation loans rarely work and you will be digging a deeper hole. I would suggest that you sit down and work out where you are going wrong .... why do you need these loans that have led you to this position again ? Maybe think about another debt solution.
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Shaun Vickery
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by Shaun Vickery » Mon Jul 30, 2018 10:31 am
A lot will depend on the rest of your circumstances (date IVA first registered, what equity you have in your house, incomes etc.) but lenders and advisers would want to understand how/why the credit has been built up again. Their natural concern will be that you are going down the same path again; that might well not be the case of course.
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luluj
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by luluj » Mon Jul 30, 2018 8:00 pm
From someone, who sadly through a number of reasons has recently had to venture into a re-mortgage to cover some new debts built up since our iva ended 8 years ago, I can assure you it's not easy to seek help a second time ...through embarrassment of needing a another debt solution it is easier to cover it up with consolidation loans egg...but the advice and support we have received through one of our forum experts has put us at ease and we know we can and will sort things out (again).

My advice would be, be honest with yourself and your partner, sit down; blank bit of paper and start a fresh ...look at your income and expenditure and work out your affordability.
I have gone back to basics and got my three envelopes out for my monthly allowances - cash is withdrawn and put in the envelopes split into weeks ....
- Food
- Fuel
- Dental / prescription costs/ clothing
I have had our utility bills reviewed and got them cheaper; had our car insurances reduced at renewal etc. All steps I learnt first time around and managed....

It's easy to preach .... but believe me ... second time around it's easier to do what we learnt ...and once help has been sought it's a relief ! A consolidation loan maybe appropriate but expert help is best advice.
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