Does an IVA cover a loan secured on your property

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david.b

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Post by david.b » Sun Jul 08, 2007 2:55 pm
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Does an IVA cover a loan secured on your property (not including mortgage)?
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Sensible77

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Post by Sensible77 » Sun Jul 08, 2007 2:56 pm
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No it doesn't. A secured loan must continue to be paid the same as with a mortgage.
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MelanieGiles

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Post by MelanieGiles » Sun Jul 08, 2007 3:09 pm
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But if the loan is only partially secured, the unsecured element could form a claim in the IVA if the lender wished to lodge one. Because of this, your IP would need to notify the secured lender of the creditors meeting.

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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