Hi Maria, yes it's possible to propose an IVA whilst having a secured loan on your property, a professional will be along soon to explain this to you.
Why not have a chat with 2 or 3 potential IP's, a list can be found at www.iva.com with some reviews of these and you will get case specific advice on all debt solutions for you. Always contact 2 or 3 companies for impartial advice.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
We have a secured loan on our house, as well as the mortgage. The payments are mad in addition to our IVA.
Visit the link that Lesley posted. It's a good place to start.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I didn't have a problem, and I meant to say made, not mad in my last post!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
A secured loan is treated the same as a mortgage as far as the IVA is concerned
You will have to keep making the payments on the secured loan, which will obviously reduce your disposable income, but it will also reduce the equity that creditors would be able to claim (if any)
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support.
kallis3 wrote:
We have a secured loan on our house, as well as the mortgage. The payments are mad in addition to our IVA.
Visit the link that Lesley posted. It's a good place to start.
The payments may well be Mad as well!
As mentioned already when your IVA proposal is drafted, any payment that you agree to make will be as well as payment to your mortgage, secured loan provider and any HPs you may have.
This is because if you fail to make the contractual payments on these loans then you could face repossession action
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
