are morgages and secured loans covered by iva's

3 posts Page 1 of 1
Post Reply
 
 

l_m

User avatar
Posts: 1
Joined: Fri Feb 23, 2007 3:23 pm
Location:
Post by l_m » Fri Feb 23, 2007 3:25 pm
Quote
are morgages and secured loans covered by iva's
Top
 
 

DebtDummy

User avatar
Posts: 382
Joined: Tue Jan 09, 2007 1:05 pm
Location: United Kingdom
Post by DebtDummy » Fri Feb 23, 2007 3:50 pm
Quote
I am not an IVA expert,but did have an IVA drawn up in the past. No, mortgages and secured debts are NOT covered under an IVA. IVAs pertain to your unsecured debt. However, you may have to release the equity in your home to pay the outstanding amount remaining after 48 months. You may need to remortgage in order to do this. Each IVA is individual or unique to that person's financial situation, hence the use of the word 'may'.

An expert will come along shortly who can answer you in detail.

Take care.

All I have left is my humour. :)
All I have left is my humour. :)

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Fri Feb 23, 2007 5:05 pm
Quote
Hi lm

No - these debts are not included in the IVA agreement and you will need to continue to pay the monthly instalments to avoid possessory action being taken against the asset.

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
Top
Post Reply
3 posts Page 1 of 1
Return to “IVA postbag for february”