ivas?????

[run_rabbit55]

hi im having trouble getting an add on loan from my bank to repay my existing loan and to clear off cards + catalogues etc. which would leave us better off. doesnt look like the bank will help. ive been lookng at other loan companies for bad credit.the word iva keeps popping up. what does these mean and are there any conseqences for taking these loans?

[Rooster-UK]

An IVA is not a loan.

IVA stands for "Individual Voluntary Arrangement" and is something set up to enable you to clear your debts, fairly quickly, by paying each creditor a set amount each month.

A loan to pay a loan is never a good idea. It usually ends in a downward spiral of debt which becomes harder and harder to get out.

 

Regards, Rooster.

[powelll]

I agree - you would benefit from speaking to one of the free advice agencies like National Debtline ( 0808 808 4000 ) who can go through alternatives to taking out more credit - depending on your exact circumstances there may be 3 or 4 options open to you.

 

If you don't feel confident enough to speak to someone at this stage go to

 

National Debtline, for FREE CONFIDENTIAL and INDEPENDENT ADVICE call 0808 808 4000

 

Download the Dealing With Your Debts pack as this is a really good starting point and will help you to decide what route to look at.

 

Best of luck

[bladeboy]

Consumer credit counselling service (CCCS) are also ok, They have one advantage of having quite a bit of Kudos with the banks since they're a charity that the financial institutions contribute to.

 

They aslo have their own in-house IVA section that put the charges on at the end and pay the creditors first.