www.iva.co.uk

Thanks

Hi bradpurp and welcome to the forum

Both routes are possible, if you have some disposable income to offer to creditors. What do you feel that you could afford to pay creditors each month, and have you thought about consolidating your mortgage and secured loan into one new remortgage?

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

Combining the mortgages would probably reduce your mortgage payments, as the interest rates on mortgages may be lower than the secured loan, but if you are going to be entering into an IVA, you will not benefit from this saving but your creditors will.

As a property owner, creditors will expect to see you effecting a remorgage during the final year of the IVA in any case to raise equity at that time, based upon lending of 85% loan to value, so by continuing to pay a secured loan on a repayment basis, you would be merely increasing the potential equity available to creditors at that time and thus increasing the amount to be borrowed at the end of the IVA.

This could be equated to swings and roundabouts, but if worth considering if you think an IVA is the appropriate way forward.

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

Hi and welcome
Can you list your outgoings for me,incl your repayments for the 91k secured loans.
Is your 3k earnings a net figure ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

I think that Andy meant your complete list of expenditure.

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

We mean when you spend on all household and personal outgoings during the month - shopping, utilities, motor expenses, clothing, insurances. A good starting point is usually listing your direct debits and working out what you spend at the supermarket each week.

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

Hi
Yes,I just want to see what your disposible income is.Do not include payments to any unsecured debts,but list the HP payment.
Thanks

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp