I have an IVA, can I apply for a loan?
Simple answer is 'no'.
If you have entered into an individual voluntary arrangement (IVA) then you are restricted to borrowing no more than £500 without obtaining permission from your insolvency practitioner.
When we consider affordability, we will look at other debts, repayments. You are very welcome to join us and save regularly, just a small amount every week or month soon build up into a useful fund for when you need it.
Related Articles
Thinking of an IVA? – Be sure you know the facts!
Individual Voluntary Arrangements (IVAs) - have you seen the adverts for debt solutions? Sounds like an easy and straightforward way to wipe your debts and make a fresh start. However, the reality can be quite different. There are major drawbacks and ...
Reasons why your loan application may be declined
Introduction It is always disappointing if your loan application isn't accepted, but there is always a reason and we will do our best to explain why and help you take some action so that your next application will be successful. Firstly, we work for ...
Borrowing from friends and family
It is very common to borrow from friends and family, particularly the bank of mum and dad! Since the withdrawal of payday lenders, Brighthouse, Provident and other sub-prime lenders, options to borrow have been reduced. Lenders have also been ...
A-Z of Financial Jargon
Z The world of money can be confusing at times and it can be hard to understand the words and phrases. Try our A-Z of some words and phrases you should look out for when signing up for a loan, opening an account, dealing with banks, lenders and other ...
Gambling
What's the problem with gambling? Gambling - it's a leisure activity, it isn't illegal, it's your money, why should a credit union be interested in your gambling? We work to support our Members and enable them to flourish in life. We do a money ...