Secured loan

stelios75

Yes I agree I still have about 8 yrs left so that’s another £40000 so yes ok my figures are not totally correct sorry 

foxy-stoat

stelios75 said:

I have had my IVA for two years. 

No we are not managing  at the moment as I am still on furlough and my wife’s work is low  

Speak to your IP - if you have had a reduction in salary you should be able to reduce your IVA payments accordingly.

stelios75

ok will do thanx

jonesMUFCforever

Would selling the property offer you an opportunity to clear everything and start afresh?

stelios75

yes but buying a new home and getting a Morgage will be hard 

[Deleted User]

stelios75 said:

yes but buying a new home and getting a Morgage will be hard 

You could always rent.

macman

I know this comes 14 years too late now, but you don't 'clear' any debt at all by borrowing an additional £30K. You just end up paying years of extra interest on the loan. 
What is the APR?

stelios75

Not sure but it is high
i know that know but we was young and didn’t have any advise it was silly 

sourcrates

stelios75 said:

Not sure but it is high

And also variable interest no doubt.

Just to add, with regard to your IVA, due to COVID-19, new rules apply to lowering payments if your struggling, you should contact your IP for details.

macman

stelios75 said:

Not sure but it is high
i know that know but we was young and didn’t have any advise it was silly 

Then you need to look it up. You can't address the problem of your debt until you know exactly what you are paying.