www.iva.co.uk

Hi..
I would like to make a full and final payment..I have enquired through my mortgage company but I do not have enough equity to remortgage, and wondered am I allowed to take a secured loan to pay IVA. My payments would be less than what I am paying through IVA as struggling with pay at present..with increase in petrol etc.
Thanking you
Maggie

Hi,

I have got to be honest having the IVA your credit is shot to pieces so how would you get a secured loan?

Have you got family who could maybe make a F & F payment for you and you pay them back.

What you are sugesting sounds fine in principle but be careful about what you commit to as loans are difficult to get for those in IVAs. Do not make your long term situation worse and it may be better to speak to your IP first if you are struggling with payments.

You will struggle to get a secured loan if you are already in an IVA - and may find that you have to make payments over a much longer period past the end of the current IVA.

I agree with Michael - if you are struggling always see if your IP can do anything to reduce the payments as a first resort.