Can I get a loan with an IVA?
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
What is an Individual Voluntary Agreement?
What does IVA mean?
An IVA is an acronym for Individual Voluntary Agreement and whilst it is similar to bankruptcy, it is less severe, but it is a form of insolvency. Basically, you are entering into a legally binding contract with all your creditors so that you can pay them off at a more flexible rate. The problem is, you need to go to court to have an IVA set up and you also need a qualified insolvency practitioner to work on your behalf, which can cost up to £5000.00. If you go through a debt management company, they will also add their fees on top of that making it even more expensive. People that are considering going down this form of insolvency solution usually find that it is more cost effective to clear their existing debt with a bridging loan. Give us a call to find out if this is possible for you. All calls are private and confidential and discretion is always assured.
What happens to debt?
Your insolvency practitioner will apply for a court date that yourself and he or she will attend. Your creditors are also invited. He will try to work out a new, more flexible payment plan with all your creditors. Any saving you have can be entered into the agreement from the start to lower your initial debt. Also if you have private or job related pensions, this may also be offered up as a way of reducing your debt before a new payment plan is agreed. Any property may have to be remortgaged. All this is designed to clear or pay off as many as your old creditors as quickly as possible, or at least, to pay the down. Any none work related assets may also be sold, for example, if you have a boat, this could be sold off. A new set repayment plan, usually over 5 years will then be agreed. Typically we get approached for bridging loans to stop an IVA. Give us a call for info.
Should I become IVA?
Basically, people enter into an IVA because they are really struggling with their finances. Maybe through a job loss, or business failure, a change in your economical climate can make you feel that going 'bankrupt', which an IVA isn't, it's a frm of insolvency but not bankruptcy, there are technical differences is the only option. However, first and foremost, whilst it may appear attraactive in that your repayment plans are made affordable, an Individual Voluntary Agreement can affect other parts of your life. Consider any savings you have disappearing. Any private or work related pensions can also be swallowed up. Remortgaging of property (hang on, I thought this was to lower outgoing payments?). None work related assets stripped. Becoming an IVA is personal but you do have choices. Call to see if a bridging loan can clear your debt and sort you finances.
Is refinancing better?
You have to work out what is best for you. Don't be entering into an form of new agreement unless you are one hundred percent certain it is best for you and not your creditors. On the one hand, you had the five thousand pounds Insolvency practitioner, plus any debt mamangement company fees. Then savings, pension and asset stripping. Plus if you are a professional like an accountant or solicitor, it can affect your job. And maybe having to remortgage as well. Then you are still repaying for up to five years at a reduced rate. However, bridging loans are cheap to set up, with us, only your valuation fee of the property being used as security is needed. You can then use the bridge to clear off all your debts. All you have then is a monthly interest fee until you exit the finance by remortgaging or selling a property. Call today to find out more.
Using bridging finance when in an IVA.
We can still lend to you even if you have entered into an Individual Voluntary Agreement, however, we need consent from your supervisor. Once consent is given we can set up a bridging loan. Most people use this to clear off all their debts and close the IVA, however it is not up to us to tell you what to do with the money you borrow. That is entirely your decision what you do with any cheap bridging loans arranged for you.
However, your IP may make it a stipulation that you clear off all the creditor's outstanding debts. Once you get through paying them off, you need to think about an exit plan. If you borrow £25,000.00, to clear your IVA, you need to think how are you going to repay. Remortgage the property you used as security or just resell and end up with the proceeds from the sale in your bank account. Speak to us directly.
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.
If you have enough equity in the property being used as security, your Insolvency Practitioner is satisfied you are ablle to clear off the debts and we are happy with your exit strategy, you could be on your way to being debt and creditor free. We can also offer a commercial business loan to companies. Dependent on whether you go down the remortgage or sell on route, clear blue skies could be ahead. We will help you every step of the way if you chose to use a short term secured loan as an IVA loan.
You re under no obligation to take us up on any type of financing we may offer. If you feel it is too much of risk, or if you feel repayments are too high, you don't have to use us. However, please be advied that should you do, and you default on the interest payments, or fail to clear the full amount of the bridge within the 12 month time frame, your home is at risk from repossession.
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 can offer short, medium and long term options for residents in the UK in need of finance. We have a plethora of products available. For a full synopsis of what we can offer in the short term borrowing market, go to our main IVA page and peruse our products by clicking the link below.
We offer IVA loans when other lenders cannot.
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. Unfortunatly, we cannot lend to an IVA whoo specifically wants funds to buy a property at auction. You need to settle the IVA first.
We offer unregulated bridging loans to IVA's.
County court judgements
As we are the actual lenders, we can help home owners get funding even if they have been refused elsewhere. Property secured only. CCJ's are not a problem with us. We base our lending on equity or the money you have built up in the house being used as security. Click below for more info.
We offer CCJ loans with a property as security.