an IVA to help with the unsecured loan

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maria.bt
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by maria.bt » Wed Jan 13, 2010 8:50 pm
Me and my partner are struggling to keep up payments on our mortgage and unsecured loan due to myself now only working part time after having a child. Could we get an IVA to help with the unsecured loan after we sell our home?

 

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kallis3
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by kallis3 » Wed Jan 13, 2010 8:54 pm
Hi Maria and welcome.

Is the unsecured loan the only debt you have other than the mortgage? If so, it is unlikely that you will be able to get an IVA as you usually need either two creditors with three lines of credit, or three creditors.

Can you tell us a little more.

 

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MelanieGiles
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by MelanieGiles » Wed Jan 13, 2010 9:12 pm
As Jan says, an IVA is not usually sensible option if you only have one creditor. It may be better to agree to make reduced payments with the creditor until you get back on your feet.
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