my partners and my own debt

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molleyo

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Post by molleyo » Sat Mar 22, 2008 3:17 pm
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Would my partners and my own debt be dealt with as one debt? Would a secured personal loan also be covered by the IVA?
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MelanieGiles

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Post by MelanieGiles » Sat Mar 22, 2008 3:20 pm
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Hi mom and welcome to the forum

Secured loans cannot be included in IVA proceedings, unless there is a shortfall to the creditor, which would then be treated as an unsecured creditor. And your debts and your partners are to be treated separately, as they are still individual creditors, but you could propose mutual and interlocking proposals which effectively treat them all equally from a combined monthly payment.
Regards, Melanie Giles, Insolvency Practitioner
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