Whether an ecured loan IVA is the right option for you depends on your situation. This type of debt solution requires the approval of at least 75% of your creditors to be successful. It can be difficult to convince them to accept your repayment plan, as they may want more than you have available or even seize your assets. A successful ecured loan IVA can be a quick and simple way to eliminate your debt.

Some types of unsecured debts are not eligible for an IVA. For example, income tax, utility bills, mobile phone contracts, and other similar unsecured debts. The good news is that you can still make payments on these unsecured debts, although they may be non-priority. Your IVA nominee will be able to apply for an Interim Order to halt all legal action until you have met with creditors and agreed on a payment plan.

Once you have decided to go ahead with an IVA, the next step is to determine whether you qualify. By examining your financial situation and comparing different options, you can determine if an IVA is right for you. An IVA may be an option if you have a large debt or are looking to rebuild your credit rating. Remember, it is always better to talk to an IP before choosing an early settlement of your IVA. Failure to do so can lead to bankruptcy, or worse, losing your home.

Secured loan IVAs are not suitable for everyone, but they can be a better alternative to insolvency or bankruptcy. If you find that your debts are beyond your means, consider speaking with a debt professional who can explain all of the pros and cons of an IVA and help you get back on your feet and start making manageable repayments. If you are eligible, contact an experienced debt professional today. You could be well on your way to a fresh financial start.

The benefits of an ecured loan IVA are numerous. For one, it offers freedom from debts and restrictions. By paying back your IVA in a timely manner, you can start rebuilding your credit history and your credit rating. Moreover, you can keep your home in the case of early repayment. A common mistake people make when they try an IVA is attempting to eliminate large amounts of secured debt. A typical IVA will not work for people with high secured debt, and a secured loan IVA can be a better option.

A secured loan IVA is a good option if you have no equity in your home and need to refinance their mortgages. Having a higher equity in your home can make your monthly mortgage repayments more affordable. If you don’t have enough equity in your property, you may have to sell or remortgage. However, there are still options. Speak to your IP about your options.