taken out a loan of 36000 pounds

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mark_

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Post by mark_ » Mon Mar 26, 2007 6:44 pm
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I have already taken out a loan of £36000 pounds over 20 odd years...would this be included in an IVA ?
regards Mark
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Storm

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Post by Storm » Mon Mar 26, 2007 7:08 pm
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Depends if it is secured against your property ?
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MelanieGiles

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Post by MelanieGiles » Mon Mar 26, 2007 9:19 pm
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If it is unsecured then the answer is yes. If secured then the creditor's rights are unaffected by IVA proceedings, and you will have to maintain the loan repayments to avoid your asset being repossessed.

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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jamesfalla

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Post by jamesfalla » Tue Mar 27, 2007 10:32 am
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Hi Mark

Yes, if the loan is securred, then it can not be included within an IVA. If it is unsecurred, there is no question, it will have to be included in an IVA

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk
James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk
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mark_

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Post by mark_ » Tue Mar 27, 2007 12:46 pm
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MelanieGiles wrote:

If it is unsecured then the answer is yes. If secured then the creditor's rights are unaffected by IVA proceedings, and you will have to maintain the loan repayments to avoid your asset being repossessed.

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
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