IVA secured loans -Advice, secured loans, information and guides
from secured loan brokers. If you have an IVA lodged against you, obtaining a
secured loan can be more difficult. Find advice, information and guides on
IVA secured loans, secured loans with CCJ's,
information on poor credit and bad
credit secured loans, advice on secured loan arrears,
guides on secured loans with county court judgements and solutions for bad credit
secured loans through specialist secured loan brokers.
IVA stands for an Individual Voluntary Arrangement. IVAs were introduced by the 1986 Insolvency Act.
Since the introduction of IVAs, many people
have entered into an IVA rather than going down the route of petitioning for their own bankruptcy.
An IVA is a formal repayment proposal which is put to your creditors (i.e. the people or
businesses to whom you owe money). An IVA is set up with the help of a licensed
Insolvency Practitioner.
IVAs are an alternative possibility
for people who have run into financial difficulties and who might otherwise have to
declare themselves bankrupt.
When you begin applying for an IVA, a meeting of your creditors is held and, if enough of them vote in favour of the proposal,
then the IVA is accepted.
One of the big problems with IVAs is that once you are under an IVA (or have
been subject to an IVA in the past) then it becomes much harder to obtain a
secured loan or any other form of credit in the future.
As a result, taking out a secured loan with an IVA can be very hard.
Fortunately, the specialist secured loan advisers we work with at Divadani Loans
can usually arrange secured loans for people with IVAs. Thanks to their specialist
knowledge of the UK secured loan market, they know which building societies, banks,
and other secured loan lenders are most likely to consider a
secured loan application from someone with an IVA.
To find out more, please complete our online enquiry form.
SECURED LOAN GLOSSARY
Arrangement Fee
A fee which is sometimes payable to the secured loan lender when you opt for a special deal, such as a capped, discounted, or fixed rate secured loan.
Base Rate Tracker Loan
See Tracker Secured Loan.
Capital & Interest Loan
See Repayment Loan.
Capped Rate Secured Loan
A secured loan where the interest rate is capped at a certain level for a set number of years. The interest rate can go up and down, but is
guaranteed not to exceed this level during the capped rate period.
Cashback Secured Loan
A secured loan which gives you a cash lump sum on completion.
Discounted Rate Secured Loan
A secured loan where you get a discount on the interest rate during the initial special offer period.
Early Repayment Penalty
See Redemption Penalties.
Fixed Rate Secured Loan
During the fixed rate period, the interest rate on this type of secured loan stays the same, regardless of changes in the Bank of
England base rate. This means your monthly secured loan repayments are the same each month even if interest rates go up or down.
Flexible Secured Loan
A flexible secured loan allows you to make overpayments and take payment holidays. These can be especially attractive
for self-employed borrowers whose income may fluctuate throughout the year.
Redemption Penalties
If you repay your secured loan early, or switch lenders, whilst on a special secured loan deal, you may have to pay a redemption penalty to the secured loan lender.
Repayment Secured Loan
With a repayment secured loan, part of the amount you pay each month covers the interest on the loan and part goes towards repaying the secured loan capital.
Standard Variable Rate secured loan
The interest rate on a standard variable rate (SVR) secured loan can go up or down during the course of the loan. Sometimes, the rate will remain unchanged for
months at a time, but at other times it may fluctuate from one month to the next. The SVR charged by secured loan lenders is determined mainly by the Bank of
England base rate, which is reviewed once a month. When the Bank of England changes the Base Rate, secured loan lenders will usually (but not always) adjust their SVR up or down accordingly.
Tracker Secured Loan
When you have a tracker secured loan (also known as a base rate tracker secured loan) the interest rate is guaranteed to move up and down in line
with the Bank of England base rate. Consequently, it will always be a set number of percentage points above (or sometimes below) the Bank of England's base rate.
