Am I correct in this understanding?

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chris.o

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Post by chris.o » Fri Mar 16, 2007 6:09 pm
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If I have a mortgage (first charge) or a secured loan (2nd charge) on my property are these creditors likely to agree to me placing the debt in an IVA? I'm assuming they will look to take their full charge from my property rather than agreeing to take a lesser charge/share of any value with other creditors through an IVA. Am I correct in this understanding?
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MelanieGiles

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Post by MelanieGiles » Fri Mar 16, 2007 6:22 pm
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Hi Chris

Your secured creditors have no say so with regard to whether you can have an IVA - unless they have a shortfall on their lending. They are protected by their security in the property, so they are important creditors to carry on paying.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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