IVA early settlement with mortgage

wills500

I was wondering if someone on here has successfully settled an IVA early with property with over 5k equity?. 

I have been accepted a Sprout loan for £8000 in May, by the time the variation meeting has concluded early next month, I will also have paid an additional £700 since putting the offer over. 

I have seeked to obtain a secured loan to pay it off, but haven't been able to get my mortgage company to allow a 3rd charge on the property as I already have a secured loan in place. I would therefore need to consolidate that secured loan with another on top of paying off the IVA. 

I have a secured loan of £13500 outstanding and my IP said that my creditors would want more than the 7850 I have offered through Sprout loans if I went through a new secured loan. 

So I have just offered them the Sprout loan for the meeting in August. 

Will they reject the offer if a property is involved? Even though I have stated to them it's pretty impossible due to my specialist mortgage company 

Thank you

wills500

Also forgot to mention, I'm in month 49 of my IVA, and the £7850 also includes the additional 12 months

sourcrates

I`m unsure of how they will react to the offer, but please stop taking out secured borrowing.

The way interest rates are rising, you may find yourself in deep doo doo before long.

wills500

sourcrates said:

I`m unsure of how they will react to the offer, but please stop taking out secured borrowing.

The way interest rates are rising, you may find yourself in deep doo doo before long.

Yeah, I understand taking out secured lending isn't the best option, however I'm paying £365 a month on my IVA, £281 a month on my current secured loan, with a new secured loan I would be saving around £500 a month. I have a buy to let property I would be looking to sell in around 2 years to pay it off. 

It all depends on the variation meeting next month before I decide anything.