Hi - not sure of the answer I'm afraid. Someon may be able to answer later, but you might want to post your question on www.bankruptcyhelp.org.uk as they may be able to help.
Hi! I don't know much about BR but secured loans are excluded in an iva and interest continues to be charged as normal. Are secured loans included in BR?
(1)Subject as follows, a bankrupt’s estate for the purposes of any of this Group of Parts comprises—.
(a)all property belonging to or vested in the bankrupt at the commencement of the bankruptcy, and.
(b)any property which by virtue of any of the following provisions of this Part is comprised in that estate or is treated as falling with the preceding paragraph.
Hi - I can't make out what that means at all but it seems to relate to your assets rather than your liabilities. I've done a bit of research and it looks as if secured loans continue as per contract until the house is repossessed/surrendered and at that point the shortfall becomes unsecured and can be included in the BR. So basically, yes they would continue to add interest and expect payment as if the BR didn't exist. This should be affordable for you though as the IPO would be calculated taking the loan into account. Hopefully one of the professionals will be along to help as my assumptions are just based on google!
(1)A debt which is the debt, or one of the debts, in respect of which a creditor’s petition is presented need not be unsecured if either—.
(a)the petition contains a statement by the person having the right to enforce the security that he is willing, in the event of a bankruptcy order being made, to give up his security for the benefit of all the bankrupt’s creditors, or.
(b)the petition is expressed not to be made in respect of the secured part of the debt and contains a statement by that person of the estimated value at the date of the petition of the security for the secured part of the debt..
(2)In a case falling within subsection (1)(b) the secured and unsecured parts of the debt are to be treated for the purposes of sections 267 to 270 as separate debts.
Still sounds to me like an unsecured debt isn't included in BR unless the creditor has given up their security and the debt has become unsecured. The OR is best placed to advise though. But if you think of your mortgage as a comparable to a secured loan...you are still being charged interest on that.
Hi there, were still waiting for one of our experts to comment on this, I've not seen any on so far, but I'm sure one will pop on the forum soon, hang on in there.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
If you are keeping a property then yes, all secured debt will have interest accruing on- it. The only way to rid yourself of that is to surrender the property & then any shortfall will be covered by your bankruptcy.
I know that you have posted this on the BR forum as well - hopefully they can help you.
Are you having debt problems pm.e?
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