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Posted: Thu Jan 10, 2008 11:03 am
by p.and.r
Hi, I am looking at doing an IVA but I need to know if a loan has been taken out recently to pay off a Hire Purchase with extremely high interest item will this affect any aspect of the agreement, if it does how long would I have have to wait between taking out the loan and starting the IVA. Many Thanks
Posted: Thu Jan 10, 2008 12:56 pm
by Adam Davies
Hi
If the total loan,including interest payable over the full term,is no more than 25% of your total unsecured debt then even if the creditor votes no,your IVA could still be accepted.
It's not unusual for debtors to have fairly recent loans as they try to juggle finances.
Also your loan was taken out to clear a loan,not to fritter away on a holiday etc.
If you are insolvent you need to find a solution now,and not delay any further.
Please post more details
Regards
Andy Davie
IVA.co.uk Spokesperson and Website Manager
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp