4 easy steps for quickly accessing secured borrowing options.
Get in touch with us several ways.
There are a plethora of ways to actually get in touch to find out more about our private, independent lending service. You can call us by telephone, send us an email, enquire online or shout really loudly.
We will value your home to determine loan.
When we arrive we will conduct a private, external survey of the building. After completion we need access to the inside so that we can proceed with the internal survey and general viewing.
Get an offer of finance almost immediately.
From the valuation and the information you give us about any outstanding mortgage or other loans secured on the property, we can ascertain just how much, or if we are able to lend to you.
Accept & we transfer funds instantly.
As long as all paperwork is present and correct, we can transfer funds to your personal, business or any nominated bank account instantly. We can also work to a specific date if required.
Or call: 0845 475 1814
How Individual Voluntary Agreement work?
Debt to be included.
If you go through a debt management company or an insolvency practitioner, they will prioritise you debt. Please be advised that a debt management company will not work on your IVA, they will instruct a practitioner to work on your behalf. They will add their fees on top of the Practitioners costs. It is wise to deal direct with the Insolvency practitioner yourself to save the extra costs. Listed here are what are called, non-priority debts which include bank and/or building society loans and overdrafts, personal loans, shop and store cards, charge cards, catalogues and credit cards. Then you have priority debts like utility bills such as gas and electric, tax debts and council tax arrears. You can include as much debt as you want, however, your creditor's is unlikely or will not want to agree to debt levels over ten thousand pounds. You can add as many creditor's as you wish, however unpaid magistrates fees, child support arrears or unpaid maintenance cannot. The lenders of secured loans, mortgages and remortgages are highly unlikely to agree to you enter in into an IVA. We are specialist bad credit lenders and you could use a bridging loan to clear your debt off. Get in touch with us today to see if we can help.
The cost of an IVA.
Entering into new court enforced repayment plans and agreements with the lender's and companies that you owe money to is not going to cost free. First and foremost, if you are currently using a debt management company, or are thinking about using one, you have their fees. Thy will instruct an Insolvency Practitioner to work your case. Alternatively, cut out the middle men and deal direct with your Practitioner directly. Typical a qualified, UK based Insolvency Practitioner will cost you around five thousand pounds. Then you have other costs that need to be factored in, like time of work, travelling expenses and cost of correspondence. Most IP's will ask for their fee upfront. If a court appoints you an IP, you have to pay the court three hundred and thirty five pounds in costs. So technically, it will cost you in excess of five and half thousand pounds to set up an IVA. A bridging loan has no upfront set up fee. All you pay is the valuation of the property you want to use as security, typcially between three and five hundred pounds. You can use the bridging finance to clear all your debts and creditor's, then remortgage your property or sell it on to clear the borrowed bridge. Give us a ring today.
Income and assets.
When you are entering into an IVA, the accountant or solicitor reresenting you is trying to get your monthly repaymnts to a more affordable payment level. This is done a few ways. Firstly, he or she will speak to all the companies that you owe money to to try and extend how you have to repay. Typically, a court will try to enforce a five year plan freezing what you owe, so no more interest can be added. This may include fees from the creditors' for them to accept. A court does have the power to put an attachment of earnings on your wages. this means that the court will contct your employer and instruct them to take a set amount out of your salry before you actually see it. This is apaid direct to the court who forward it on to your creditors. Other assets like savings are also used to pay off yoour debts. Assets, that are not work related, are also sold. You may be forced to remortgage your home. If you have pensions, be it private or through an employer, these can be classed as an asset and taken from you. All this is too pay off as much of your debt as possible before you get a montly repayment figure. You may be better getting a bridging loan and clearing off all your debt. Give us a ring about our bailout IVA loans.
There are many options to Individual Voluntary Agreements. Insolvency is one option. There are two forms of insolvency. Cash flow insolvency and balance sheet insolvency. Balance sheet insolvency is when a person doesn't have enough assets to pay their debts. This can lead to full blown banruptcy, however many creditor's will try to agree a repayment plan. Cash flow insolvency means the person doesn't have enough money to meet debt payments but hs assets tht can cover the costs. Cash flow can also be solved by negotiation. For example if you have a motorcycle, the creditor may wait for you to sell it (plus add on a fee) before you settle the whole amount. Bankruptcy is another option. This usually lasts for a full year. Your non essential assets are used to clear your debts and pay off your bills and debts. This includes your home. However, essential assets like clothes and tools or items needed for work are classed as essential and will not be sold off. Finally, we are a bad credit lender and can offer you short term bridging loans so you can clear off all your debts. You can exit the advance from us by remortgaging the property you used as security. Quick and easy. Call for more information.
Using a bridging loan to stave off an IVA.
All you need is a viable amount of equity in the house or home you would use as security for the bridge. Unlike going to court and needing five thousand pounds up front to pay for an Insolvency Practitioner, the only fee you need is between three hundred and fifty pounds to five hundred pounds to pay for a valuation on the property being used as security.
As long as the valuation hs enough LTV in it, you can then borrow a bridging loan from us and use it to clear off all your debts and mortgage. From that point you simply remortgage and clear the short term advance you got from us. All you pay is the interest payment monthly until you have the fund to pay us off in one payment.
Call on our local rate 0845 475 1814 from a land line or call 0203 287 7169 from your mobile or request a call back by using the quick contact form on the right hand side, or just below depending on whether you are browsing on a PC or mobile device. Alternatively, click the button for our full on enquiry form.
As another option, you could, as an example, random figures, borrow thirty five thousand pounds and clear you IVA and pay off your mortgage. You could then sell you property, let's say one hundred thousand pounds, pay our bridgin gloan off, and whilst you no longer own your home, are free from all debt and have a nice sixty five thousand pound nest egg to fall back on. Obviously that is minus th monthly interest fee we charge on the short term finance, as an example again, at one percent, 35,000 multiplied by 1% is £350.00. Average time to sell a house is currently three months. One thousand pounds to be debt free.
Call us on 0845 475 1814 or you can click below to apply online, or you are able to call us up from your mobile phone on the landline number 0203 287 7169 or request a call back by using the quick contact form on the right or directly below this block, still without being under any obligation to accept any offer presented to you. Alternatively, apply online by clicking the button.
Quick contact form
IVA or bankruptcy
We don't just offer bridging finance as an alternative or a solution to becoming IVA. We have a wealth of financial products, which we are funders of. From asset finance to revolving credit facilities, you can find out more how each and every single one could help you stop or settle Individual Voluntary Agreements.
Specialists in auction finance, we can help you get a quick bridging loan in place so you can bid on the property or land knowing funds are there. However, if you registered as an Individual Voluntary Agreement, we cannot, under any circumstances, lend you a bridging loan for a propery purchase until you have settled the IVA.
County court judgements
One or many CCJs. With us, as a privately funded, independent lender, a CCJ need not stand in your way of getting a loan in place to settle or to stop an IVA. We base our lending on the property being used as security not credit history. So if you have equity in a property, we can lend even if you have a very bad credit score.