How do I get a secured loan ?

[Dale.75]

ive been asked to get a secured loan by my iva company, how do I do this ?

[Shining]

Hi and welcome to the forum. Why are they asking you to do this and are they not assisting you in doing this? Ask them for help in the first instance.

[Dale.75]

They sent me a letter to ask me to get a exact figure to release the equilty from the home.
but didnt tell me how to do it.

[Shining]

Which company are you with Dale?

I would assume you have equity in the property have you sent in valuations. Maybe you need to go back to your IP and ask them for more details as to how you are supposed to secure a loan when in an IVA.

Are you happy trying to obtain a loan?

[Dale.75]

Im with grant thornton lesley.

yes we have equity in the home and sent them the valuations. They sent me a letter to say i need to remortgage and get a 9,849 remortgage to release into iva.

But they didnt tell me how to do it, i doubt i get one.

[Foggy]

Hi Dale. Dig out your Proposal and see what th equity release clause says. Possibly there will be an option of an extension of the IVA for 12 months in the event that you cannot release equity.

If so, you need to prove this by making a couple of applications and getting refusals in writing. One port of call could be your current lender, and then any high street building society or bank.

[Shining]

I keep reading how some companies want secured loans taking out, there has been some debate on it so might be worth a search for that.

I would do as Foggy says and dig out your proposal. I had the option of 12 extra payments in lieu of equity and one I would have preferred over a secured loan.

[MelanieGiles]

So they asked to explore getting a re-mortgage rather than a secured loan? Is this correct?

[Dale.75]

Thankyou all for the advise.

yes they have asked me to remortgage rather than a secured loan.its in the proposal to do this i checked.

but thought they help as they said go get it without telling me how to do it!!.

[Shining]

I apologise Dale I was assuming you were to obtain a secured loan rather than a remortgage. In that case contact your current lender and another couple and I would bet they will all say no. does it then state in your proposal what will happen eg. 12 further payments in lieu of equity?

[Dale.75]

Yes it says if unable to get a remortgage we will have to be in the iva a further 12 months.

it hasnt really been explained to me, thats why im abit confused, and prob make no sense.

[Shaun Vickery]

Hello Dale. My firm is heavily involved in assessing the availability of mortgage or secured loan products in order to release equity. You need to look at the specific wording of your IVA (we can do this for you if you like). We'd then need to gather a bit more information from you at which point we can confirm your various options. If you are unable to obtain a remortgage then we will confirm this in writing and normally this will be accepted by your IP. Thereafter you may be able to consider other options. Some people, if they are able, like to raise a small amount of money by way of a secured loan to offer as a full and final settlement in order to conclude their IVA and others prefer to extend the term of the IVA. It's really down to the individual circumstances and personal preferences. Either way it's better to know all the various options. We provide this assessment service free of charge to individuals via iva.co.uk

[Dale.75]

Hi shaun.

yes indeed i be intrested if you can help.

[Shaun Vickery]

Hi Dale. I have your email thanks and I'll respond in more detail ASAP.