£9,000 secured loan over 15 years totalling £24,000 can this be enforced? If secured loan is refused by her can you be made bankrupt? Would a full and final settlement be offered?
It is unlikely ( though not impossible) that a current IVA allows the IP to enforce a secured loan, if a remortgage is impossible. The usual alternative is a 12 month extension to payments.
The original paperwork needs to be examined for the agreed terms in this regard.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
A loan can't be forced on a person but if the person refuses to agree to a secured loan then the IP could petition for bankruptcy at creditors request.
This is a grey and untested area at the moment
It depends upon the original agreement --- if the options were, for instance, remortgage or, failing that, extension, then they have to offer the extension. However some equity release clauses can be quite onerous.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I am not sure that I understand the question which Deperado is actually asking. Is your IP suggesting that you take out a secured loan instead of raising equity against your property during the final year?
I would doubt that any District Judge in the land would grant a bankruptcy order against someone being forced into an unfair contract terms by their IP.
