www.iva.co.uk

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

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

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

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

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