At My IVA Adviser we are often asked
“Can I have a loan whilst I’m in an IVA?”
Unfortunately, loans are not acceptable within the terms of an IVA.
The principle of an IVA is to allow the person in debt the opportunity to recover their finances through a formal and managed repayment scheme.
One of the conditions of an IVA is not to take on any more loans, as it is highly likely that the original debts in the IVA will not actually be fully repaid.
So, by taking out further loans or credit, there is a very strong probability you will cause your IVA to fail.
At My IVA Adviser we have written a series of articles to help you understand about IVAs including why loans are not allowed.
They can be found at our IVA articles page
For more information about loans in an IVA read this article called:
“Learning to live without credit”
If you need more information about loans in an IVA call 0800 088 7503 and speak to one of our advisers.
Alternatively, visit our quick contact page and leave your details so that we can call you back at a more convenient time.
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