The Beacon

If you have had to go down the route of an IVA, then unfortunately you don’t have many options.

IVAs show to other lenders that you are unable to handle your debts therefore placing you in the category as a risky borrower. Or at least the majority of lenders will think that. There is however, help available for those looking to pay back their IVA debt and turn their fortunes around.

One way is through an IVA mortgage-a refinance mortgage for those looking to seek out as much they can out of their property to help pay off IVA debt. It isn’t the most competitive mortgage rate on the market (in fact it probably won’t even rank) but it will help you consolidate your debts.

Not only will it give you some much needed capital it can begin to repair your credit rating – handling tougher debt will begin to convince lenders that you are a worthy borrower by handling your IVA debt and your IVA mortgage at the same time, all of this will be covered when you apply for IVA advice. 

If refinancing isn’t an option for you, you could always go for a secured loan as a means of paying off some or all of your IVA debt. A secured loan is just money taken from the equity in your home, so it is your money and it is safe. It can be used to pay off your IVA debt, to make sure that you do not return to debt again.

It takes a lot of time and work to cope with IVA debt and a mortgage. The process makes you view your expenditure and income in a very different way.

Expenses will need to be cut, luxuries must be slashed and you need to be able to come up with a plan to pay off your IVA debt each and every day.

At the end of it all it will be worth the hard work and paying off your IVA debt will put you on the right track to financial piece of mind.