If you have a history of unsuccessful IVA, you may want to consider ecured loan IVA. An IVA is a type of debt relief plan, designed to eliminate debt while re-establishing your credit score. These plans are not recommended for those who are heavily indebted. An ecured loan IVA is a good option for those who need to take out a loan but can’t afford to pay it off. You can avoid the high fees associated with an IVA by taking out a secured loan instead.
Unsecured loans can be difficult to repay and often carry high interest rates. You may be struggling to keep up with the repayments on unsecured loans. A secured loan IVA can help you avoid the legal action that can arise if you fail to pay your debt. You can also use an IVA to pay off your mobile phone contract or overpaid income tax. In some cases, you may need to apply for an Interim Order before a debtor is able to take legal action.
If you have a secured loan IVA, your creditors can’t repossess your property. They can, however, take legal action to collect their debt. For example, they can use the Consumer Credit Act against you to sue you, or they can even file for bankruptcy if you don’t pay. In such a case, your IVA Nominee can apply for an Interim Order, which will prevent all legal action until the Creditors’ Meeting.
During an IVA, it can be difficult to access credit options and loans. You may need to repay a loan that you took out to settle your IVA early. You should inform your IP of this and discuss the matter with your IP. Your IP will most likely propose a variation meeting to discuss your situation. A variation meeting usually occurs when you ask for a change in the terms of the original IVA. The IP will want to ensure that the agreement is still feasible, even if you have to change some of the terms.
You can get an ecured loan IVA if you can’t afford to pay off your debts. However, you must have some money to repay your debts. You can make monthly payments to the lender to make the payments. Then, if you are able to make the payments, your creditors will receive your payments and write off your unsecured debt. You can also choose a settlement that will be easier on your finances than an IVA.
One of the main advantages of an IVA is that it protects your home. Often, the key to a successful IVA is getting a satisfactory solution for your creditors. And in today’s economy, this means you have fewer options for selling your home. To avoid losing your home, contact a Financial Support System and get an evaluation. The Financial Support Systems team can help you decide whether to sell your home or remortgage it.