Can you get an IVA on a secured loan?

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pedro

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Post by pedro » Fri May 18, 2007 6:32 am
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Can you get an IVA on a secured loan? I have 2 secured loans but have got into a little difficulty paying these due to my son having an operation and the wife not being able to work
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MelanieGiles

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Post by MelanieGiles » Fri May 18, 2007 7:29 am
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Hi pedro and welcome to the forum

Sorry - I am afraid that IVAs do not cover secured debts, and these will have to be paid to avoid possessio proceedings against your property.

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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Oliver

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Post by Oliver » Fri May 18, 2007 9:26 am
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Hello

Only unsecured debt can be included in an IVA. You will have to contact your secured loan lender and try to negotiate a better rate or a longer term to try and reduce these outgoings.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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