If you have a mortgage and a history of IVAs, you may be wondering if you should consider an ecured loan IVA. Secured loans are treated differently to unsecured loans and are given special priority within the IVA budget. However, they still remain a priority debt because they give creditors the legal right to reclaim the assets if you fail to repay. In other words, an IVA can help you eliminate your debt while leaving you with a positive credit rating.
However, you should be aware that an unsecured loan IVA can make it more difficult for you to access credit or loans. This is because you will need to pay back the loan you took out in order to settle the IVA early. It is also important to communicate this early repayment to your IP. Depending on the nature of your circumstances, your IP may also want to arrange a variation meeting to discuss changes to the original terms.
Despite the fact that an IVA can be difficult to get approved, the benefits of an ecured loan IVA are far-reaching. As an IVA stays on your credit record for six years, you may be able to find a specialist lender who will grant you a loan. The disadvantage of using a specialist lender is that your loan is likely to be more expensive than a mainstream loan. However, it will help you to repair your credit score and get back on track.
Unsecured loans are often a risk for creditors and may not be a good choice if you cannot afford the interest. You should seek advice from a debt advisor in order to determine whether an IVA is the best option for you. This free debt advice is provided by the National Debtline, which is available to anybody. You can also consult a lawyer or debt advisor for free if you need it. If you’re unsure, you should try a free online consultation.
As with any other type of debt solution, a secured loan IVA will help you avoid bankruptcy. Because the lenders are legally bound to sell the debt, the debtor will have to make regular payments over a specified period. Then, the debtor will be able to keep the property. The secured loan IVA can help people avoid repossession and bankruptcy. For this reason, it’s a great option. And for those who have significant amounts of debt, a secured loan may be the best solution.
If you are unable to repay the debts and your home is worth less than 85% of its market value, you might want to consider a secured loan IVA. This can help you afford your monthly mortgage payments. The key to a successful secured loan IVA is that you must have at least 15% equity in your property. However, there are very few lenders that offer such loans and the IVA supervisor will determine how much a reputable lender will lend you as long as you can afford the repayments.