www.iva.co.uk

I know I am worrying in advance, but that's what I do. I'm only a few months into my IVA and know that I have too much equity in my home so will have to go down the remortgage route in a few years time.

However if I am denied a remortgage and the IVA company forces me to look for a secured loan, what sort of rates will I be looking at? When comparing online I see 9-10% being banded around, however here on the forum people have been saying that they have been forced to accept 19-21%! I will want to sell my home in the next few years, will it be possible to get out of these high interest loans without an exit fee?

Have a look at the wording of your IVA, specifically for mention of a Secured Loan.

If it does not mention this, only remortgage, then your IVA company cannot "force" you down the secured loan route but, if you have equity, then you will need to extend the IVA by the usual 12 months instead.

There are one or two IVA companies that are trying to "pressure" clients into the Secured Loan route, some of which are using Loan companies connected the IVA Company (totally wrong in my book).

I'm afraid mine does say secured loan or 12 month extension if a remortgage is not accepted.