www.iva.co.uk

I am nearly four years into my IVA. It is solely in my name. My wife and I have a mortgage and secured loan together.She would like to get a loan to consolidate her debts, look at a full and final for me and also refurb our ageing kitchen. Does anybody knwo who the best provider would be and whether she would be considerd for a loan?

whats her credit history like? Was there any joint borrowing included in the IVA that maybe affected her rating?

Paul

Agree with Paul that we need to know a little bit more about the situation.

Hi BFG ,
The only way your wife would get a loan is if her credit report is flawless.
However , I would strongly advise against borrowing to pay borrowing , its how I , for one , got into problems , though I am not suggesting you would end up doing the same , please think VERY carefully about it , and speak to your IP.
All the best

Good point casiquebrado!...that is exactly how I ended up in my IVA nightmare! borrowing to pay borrowing!

Hi, I would be very suprised if your wife had any chance of getting a loan while you are in an IVA as your financial connection with her will have had a heavy impact on her credit score.

Yeah..That is another good point stormsylv
It may be difficult if there is a financial connection e.g mortgage etc..

All I can say is "don't do it" let your IVA continue to the end as you are so close (presuming its a 60 month IVA) then you could either put the extra money into a new kitchen or better still pay more off your wifes debt, and as said by others more credit would be difficult as you have a financial association with your wife.

Karen

Ps. I work for a kitchen company and I know that ex display kitchens hardly cost anything compared to new ones, also there are a lot of people who sell their old kitchens on eBay as they are much too good to skip! Why not do some research to see what's around and how much they are. X

Morning BFG

whilst appreciating i don't know what your exact perosnal circumstances are, my view is that when you commenced the IVA journey, you took the responsible option that would in time see your debt wiped out, albeit in circa 5-6 years time; i can't help thinking that to consider a further loan in order to pay off the IVA, which I suspect could be over a longer period than the IVA, that you would then perhaps be in a worse position.

Im certainly not wanting to sound holier than though ( and with the level of debt I built up I can assure you im not ) but to contemplate further borrowings may well see you wanting to re finance again at some point in the future.

My suggestion would be stick with the IVA

good luck; hope all works out for you

The only joint debts were the mortgage and secured loan. We have had a chat about it and she would like to get a loan to clear off her debts and freshen up the kitchen. We have rotten units and the doors are falling off, the gas engineer wrote off the cooker some time ago so we are using an electric one which costs a fortune to run. Any ideas please?

You could get a loan up to 75% of the value of the property to close down the IVA and consolidate debt. If you do not have this amount of equity it would be very difficult to source borrowings.

Many thanks for this. We currently owe about 90% LTV and so that wouldn't be possible.16 months to go............