Pay off my IVA with a loan?

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tam535
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by tam535 » Fri Jul 21, 2017 1:33 pm
Can I pay off my IVA with a loan?
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kallis3
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by kallis3 » Fri Jul 21, 2017 1:38 pm
Hi,

You can do if you can get a loan. How long have you been in your IVA and do you have any property which may be taken into consideration for equity release?
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tam535
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by tam535 » Fri Jul 21, 2017 1:57 pm
Hello
I've got 4 years left and I've just managed to get a loan as I only owe £4K buy she just told me I can't get a loan to pay it.
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Foggy
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by Foggy » Fri Jul 21, 2017 2:59 pm
You cannot get a loan without the permission of your IP. However friends or family can, and they could "gift" you the amount to make a full and final offer (how you sort that out after the IVA is between yourselves).
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Lisa Thomas
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by Lisa Thomas » Mon Jul 24, 2017 8:33 am
You could potentially get a secured loan, if you own a property, to settle.

I'd be very surprised if you were able to get an unsecured loan once the lender actions the application and finds you are in an IVA.

Why do you want to settle early? Your credit rating will still be trashed until the 6 year mark has passed but you take back control of your finance etc.
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kallis3
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by kallis3 » Mon Jul 24, 2017 9:21 am
If you only owe £4k, are you sure it's an IVA and not a DMP?
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Lisa Thomas
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by Lisa Thomas » Mon Jul 24, 2017 1:35 pm
This could just be the balance left Kallis, depending on when the IVA started.
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kallis3
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by kallis3 » Mon Jul 24, 2017 1:38 pm
Has four years left according to the second post.
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Lisa Thomas
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by Lisa Thomas » Mon Jul 24, 2017 1:45 pm
Thanks Kallis - £1,000 a year does seem very low for an IVA
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luluj
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by luluj » Wed Jul 26, 2017 11:41 pm
Hopefully original poster has now progressed this and is moving towards closure of his iva via full n final.
Like others though doubtful a loan would be easy to achieve, unless secured, whilst the iva remained active on file.
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