IVA Information

IVA - Individual Voluntary Arrangement

Debt Solutions

Other Information

• Unsecured loans are many people’s first choice for consolidating debts however they are often the most difficult type of loan to get.

• Unsecured loans represent the highest risk of lending for creditors; there is no security in the agreement and it is time consuming and expensive for them to recover the money if things go wrong.
  
  
• In order to get an unsecured loan you will need to have a clean credit reference file, be able to provide address information for 3 years and employment history for 12 months. You must be permanently employed and be able to prove you can afford the payments including the payments to all other credit you already have.

• The law limits unsecured loans at £25,000 but for tenants they are very unlikely to be much more than £10,000.

• If you have had ANY problems with going over limits, making missed or even late payments your credit reference file will reflect those problems as adverse information and it is almost certain that your application will be turned down by the lenders.

If you feel that you would qualify for a unsecured loan, please contact us and the IVA Help Centre will check your situation with a view to placing your application.