how long would I have have to wait

2 posts Page 1 of 1
Post Reply
 
 

p.and.r

User avatar
Posts: 1
Joined: Thu Jan 10, 2008 11:02 am
Location:
Post by p.and.r » Thu Jan 10, 2008 11:03 am
Quote
Hi, I am looking at doing an IVA but I need to know if a loan has been taken out recently to pay off a Hire Purchase with extremely high interest item will this affect any aspect of the agreement, if it does how long would I have have to wait between taking out the loan and starting the IVA. Many Thanks
Top
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:
Post by Adam Davies » Thu Jan 10, 2008 12:56 pm
Quote
Hi
If the total loan,including interest payable over the full term,is no more than 25% of your total unsecured debt then even if the creditor votes no,your IVA could still be accepted.
It's not unusual for debtors to have fairly recent loans as they try to juggle finances.
Also your loan was taken out to clear a loan,not to fritter away on a holiday etc.
If you are insolvent you need to find a solution now,and not delay any further.
Please post more details
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
Top
Post Reply
2 posts Page 1 of 1
Return to “postings for january”