www.iva.co.uk

Morning everyone.
Looking for any advice. I'm in my final year & have been approached about a secured loan from select. I was aware from the start about the equity release. But after checking my original report, it doesn't mention secured loan. However it does say "3rd party". Is this the same ?
I'm in the process of getting all the requested info together but I'm getting anxious. I don't want to be lumbered with a loan over xxx? Years with a huge interest rate.
We do have quite a large amount on equity but I'd rather have an extension if possible. We'd be willing to do this over the year or even 2 yrs.
is there anyone who has done this successfully.
Sorry for the long post
Thanks.

Hi,

No worries about the post! I think (and I could be wrong here!) that you do not need to take out a secured loan but you do need to speak to your IP about this.

Thanks kallis3. I just wasn't sure whether 3rd party & secured loan were classed as the same. We've paid almost 4 times more than the original proposal inc over 10k in ppi. We're willing to take on another year or 2 if necessary

Per a recent similar post by Foggy - some IPs class 3rd party as a secured loan but when challenged in the past have backed down on this point.

Thanks Lisa. My hubby is going to try to disputes this. Worth a try

Best of luck and let us know how you get on - I would suggest you initially just remind them that a secured loan was not allowed for in your proposals.