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If you are on a debt management plan, IVA or have previously been declared bankrupt, you may be unsure about your eligibility for a secured loan.
It’s natural to be concerned about any potential restrictions and being aware of what these are and how they can affect your application can help you make a more informed decision.
We discuss how these types of arrangements work with secured loans and what you should consider before you apply.
We work with several lenders that consider applications from individuals who are currently in a debt management plan (DMP) or that have settled.
When reviewing your application, they will look to establish that the DMP payments have been maintained, as this can affect your creditworthiness.
Some lenders will allow you to leave an active DMP in place or if you are looking to settle there may be two options available: The lender may send you the loan funds so you can attempt to negotiate a lower settlement with your creditors, or they may prefer to send the funds to them directly.
Get in touch to tell us more about your situation and we can help you find the most suitable and affordable option.
You can apply for a loan if you are currently under a Debt Relief Order (DRO), as there are some lenders that specialise in this area.
There is usually a maximum loan-to-value (LTV) limit for these types of loans and certain policies applied by lenders.
For example, they may require your debts to be cleared before they agree to the loan or that the funds are used to pay off your creditors.
Either way, the lender will want to ensure that taking out the loan will put the applicant in a better financial position post-settlement, You will also need permission from the DRO provider that they are happy for you to settle
Certain specialist lenders are willing to accept applications from borrowers who have either a settled or active Individual Voluntary Arrangement (IVA).
To get a better understanding of your situation, lenders will ask you to provide more information as to why an IVA was issued.
For applicants with a settled IVA, lenders will ask that you provide confirmation from the IVA provider that all payments have been received and the agreement satisfactorily completed.
If you wish to use a secured loan to settle an outstanding IVA, most lenders will request the following:
Where an IVA has not been settled, the amount you pay each month will need to be included in the affordability assessment.
Speak to a member of the Willows team and we can help you assess your suitability for a loan if you have a settled or active IVA.
While it may be more of a challenge to get a secured loan, we do work with specialist lenders that can provide loans in these circumstances.
The time frame is important, so if you have experienced a repossession or voluntary surrender within the past 24 months, your application will need to be referred before it can proceed.
Lenders assess applications on a case-by-case basis, so once they have more information about the situation, they can advise on the next best steps.
Once an individual has been fully discharged from bankruptcy, they are once again able to apply for finance.
This also applies to secured loans, although the application process can vary slightly depending on the lender.
Some may take longer than others to consider an application following a discharge, whilst LTV limits or certification requirements may also be in place.
If you have recently been discharged from bankruptcy and are considering taking out a secured loan, get in touch and we can answer any questions you have.
You may still be able to successfully apply for a secured loan in these circumstances, which could potentially prevent you from having to sell.
We work with lenders that have experience in this area, with some willing to offer funds to borrowers that have been issued a court order to sell their property.
As part of the process, they will ask you to provide additional background information about the court order and your current finances.
These types of applications tend to be very time sensitive, so please get in touch with us as soon as possible so we can discuss your options in more detail.
Getting a quote won’t affect your credit score
We’re extremely proud to be rated ‘Excellent’ for our service standards. We’ve helped thousands of customers across the UK over the last 15 years to find the right finance for their needs – no matter how complicated the circumstances. And we look forward to helping you.
Some lenders are aware that not everyone has a perfect credit history and that a different approach is needed when considering these types of applications. At Willows we work with several specialist lenders who can offer flexible secured loan terms to suit your circumstances, which could give you more options with your borrowing choices.
Speak to a Willows advisor today for free and we’ll happily answer any questions you have about secured loans. Call us on 01656 766 158 to find out more.
If you have a question – we’d be happy to talk to you – simply call us…
(Mon-Fri 9am-8pm, Sat 10am-1pm)
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I would highly recommend Willows Finance. They helped us organise finance recently and were efficient, transparent and proactive throughout the process. They understood our needs, identified and explained the solution clearly, and helped us to seemlessly complete the application. Thank you Willows!
S Hampton
Helpful and informative staff …
Willows finance have been extremely helpful and efficient in finding me a loan, I feel I’ve had just the right amount of contact not too pushy or overbearing, however they did chase me when I was slow with paperwork etc which was not a bad thing and ended in me receiving a loan in a timely manner.
Julie
10 out of 10 service
Willow finance were great start to finish, they always answered promptly and it was so helpful that they were able to communicate via WhatsApp as I couldn’t always be available for phone calls. Willows Team was patient, answered all my questions and endeavoured to make the process as seamless as possible. I would definitely recommend Willow and would use their services again if I ever needed it!
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If you are looking for a company that really does put their customers first then look no further. Their service is second to none. A personal thank you to Willows team who helped me no end.
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LOANS ARE SECURED AGAINST PROPERTY. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED UPON IT.
Willows Finance is a credit broker not a lender using a representative panel of lenders. We work with a Panel of Lenders whose particulars will be supplied upon request to find a potentially suitable arrangement for your consideration.
For credit broking, we do not provide or offer advice or recommendation. Whichever lender we introduce you to we will receive commission from. Different lenders pay different amounts based on different commission models and interest amounts. For transparency we work with the following commission models: percentage of the amount you borrow, rate for risk (this is based on the risk profile of the proposal).
Willows Finance Limited is authorised and regulated by the Financial Conduct Authority. Our Financial Conduct Authority FCA register number is 670052. We are registered under the Data Protection Act No. Z1447660 and are a member of the Association of Finance Brokers.
Willows Finance Limited registered address is Brocastle, Bridgend CF35 5AS. Company registered in England.
Registration number 6678545. Copyright © 2025 Willows Finance Ltd
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At Willows Finance we ensure your personal information is kept secure and confidential.
PRIVACY OF YOUR INFORMATION
At Willows Finance Ltd, we appreciate that your privacy is extremely important to you. With this in mind, we have put in place a number of measures to ensure that any personal details we obtain from you as a result of visiting this website is processed and maintained in accordance with accepted principles of good information handling and also in accordance with the Data Protection Act 1988.
This statement provides you with details of the type of information we may hold about you, how we obtain and use information and how we protect your privacy.
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority
Firm Reference Number: 670052
Company Number: 6678545 (Registered in England and Wales)
This document outlines the services we provide. If you need clarification, please contact us at 01656 766158.
We offer first and second charge regulated mortgage contracts for business or personal use.
Other finance options may include:
Regulatory Status:
We offer an advised mortgage broking service and provide enough information for you to make an informed decision.
We are not independent financial advisers. Free debt advice is available from the Money Advice Service.
You can view our privacy policy at: https://willowsfinance.co.uk/privacy-cookie-policy/.
Lenders may also have their own privacy policies which will be provided to you.
We charge a broker fee upon loan completion. The average fee is approximately 5%, depending on your situation.
Fee details:
No refund is offered after completion. You may pay upfront or add the fee to your mortgage. Fees and commission will be detailed in your ESIS and Mortgage Agreement.
You will receive a Mortgage Agreement and an ESIS document detailing:
You may cancel your application anytime before completion without any charge. Mortgages cannot be cancelled after completion.
Missing payments can lead to charges, repossession, and negative impacts on your credit rating.
Consolidating debt may result in higher long-term interest. Securing debt against your home increases risk.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.
If you wish to complain, contact us at:
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Tel: 01656 766158
You may be able to refer your complaint to the Financial Ombudsman Service.
We are covered by the FSCS. You may be eligible for compensation of up to £85,000 per person per firm for mortgage advice and arranging.
More info: www.fscs.org.uk
After processing your application, you’ll receive a Mortgage Agreement and have a 7-day reflection period.
Contact us during this period with any questions. To proceed, sign and return the agreement.
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