When can you get a loan post IVA?

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david348
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by david348 » Wed Sep 19, 2018 8:55 am
My friend is in IVA, I am thinking of paying it off for her,When would she be able to get a loan.?
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Foggy
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by Foggy » Wed Sep 19, 2018 9:01 am
david348 wrote:
My friend is in IVA, I am thinking of paying it off for her,When would she be able to get a loan.?


Her credit file would not clear until the 6th anniversary of the start of the IVA, assuming that all default dates were also correct --- have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

She might get some finance from the credit builders or sub-prime lenders, at higher than average rates, but would need to wait for the issue of her completion certificate, whch can be up to 6 months after the last payment to her IVA (but more often a couple of months).
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MerlinL14
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by MerlinL14 » Wed Sep 19, 2018 2:00 pm
I don't wish to sound too negative but lending friends a large sum of money has proved to others to be a recipe for disaster. Taking into account your friend hasn't got the greatest track record in managing current debt (been there done that) I would err on the side of caution. Even now, after being in an IVA myself and seeing just how hard it can be to find a little extra when needed, I would never lend to a friend or family. I love them too much to have a falling out over money, I can give them great advice and support, just not going to be money. Think about it before making a rash choice.
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