You can only add Unsecured debts to an IVA however the payment towards the Secured Loan will be taken into account when calculating your disposable income.
You would also have to keep up the payments on this and the mortgage on the property as well as the IVA payments.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It is naturally included in the IVA, but only to the extent of any uncharged element which might remain once the value of the asset it is secured against has been taken into account.
In other words you will be expected to release 85% of any net equity you have in your property in and around month 54 of any IVA by way of re-mortgage subject to other factors.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
