secured loan for 30,000 pounds

[ali.g]

can you tell me if a secured loan for £30,000 would be likely to be included in an iva were the other creditors total about £15000?

thanks

[MelanieGiles]

Hi ali.g

Secured loans are not included in IVA proceedings, unless there is an unsecured shortfall.

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

[Oliver]

Only unsecured debts can be included in an IVA. All secured debts must be paid seperately. If the previous security for a loan has been sold this may result in an debt becoming unsecured.

eg. You have a house which has a mortgage of £100k (secured loan) on it and the house is sold for £90k.

This would result in the defecit remaining owing on an unsecured basis.

Best Regards
Oliver

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

[iva experts]

Hi Ali,

In an IVA secured loans (eg.Car HP's) are given a provision in the monthly expenditure to be paid off, once this is completed the extra money will be included into the IVA.

Best Regards. IVA Experts

[iva_squirrel]

Good evening,


An IVA can only cover your unsecured debts and arrears. secured debt is a debt secured against an asset that you own. Typical secured debts will be a mortgage, a secured loan, a car loan, etc. An unsecured loan is any loan not secured on an asset, such as a bank overdraft, a personal loan, a credit card, store card, etc.

Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm