Buying a property

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sam778

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Post by sam778 » Sat Oct 12, 2019 11:35 am
Our lease is coming to an end on our house. We have found a property on leasehold incredibly cheap for 30 years but we would need £10000. What are the chances our IP would let us take out a loan for £10000 over 5 years with parents as guarantors? The loan would be a bit less than the rent we are currently paying. We have 8 months remaining in IVA.

Foggy

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Post by Foggy » Sat Oct 12, 2019 11:49 am
Always worth an ask.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

sam778

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Post by sam778 » Sat Oct 12, 2019 4:40 pm
I'm with Freeman Jones. I've sent Ian Williams an email but he's out of office until Monday. We are worried we are going to be homeless if I'm honest. It's really hard trying to find rentals where we live. Have Freeman jones allowed people to get loans in the past?

Foggy

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Post by Foggy » Sat Oct 12, 2019 6:11 pm
Sat Oct 12, 2019 4:40 pmsam778 wrote:
I'm with Freeman Jones. I've sent Ian Williams an email but he's out of office until Monday. We are worried we are going to be homeless if I'm honest. It's really hard trying to find rentals where we live. Have Freeman jones allowed people to get loans in the past?
Everything has to be looked at on their own merits at least with FJ you have a more sympathetic firm, more likely to listen and consider, whereas some firms are more prone to flat refusals.
Good luck.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

luluj

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Post by luluj » Sun Oct 13, 2019 4:44 am
Is it possible family members could fund you the £10,000 until your iva has concluded and is removed from your records....

Although down to your IP to agree a loan whilst in your iva, you may find it impossible to get one with it on your records.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Freeman Jones

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Post by Freeman Jones » Mon Oct 14, 2019 7:34 am
Hi Sam,

I am back today and have replied to your email. Ian
A member of the team at Freeman Jones - www.freemanjones.co.uk

Lisa Thomas

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Post by Lisa Thomas » Mon Oct 14, 2019 8:22 am
I can't imagine you will be able to get a loan whilst in an IVA, unless the guarantee will override the damaged credit rating.

You will need to ask your IP for consent.

It might be easier for your parents to take out the loan instead.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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