www.iva.co.uk

can you include secured loans,will i loose my house and car

Hi and welcome.

Secured loans are only included as a payment in your I&E you cannot write them off in an IVA.

Your house and car should be safe.

I suggest that you speak to a professional. Visit www.iva.com for a list of companies and reviews. Give one or two a ring for free and impartial advice as to all the options open to you.

Hi Ann

Generally:

If a secured loan has crystallised and a shortfall has arisen then this can be included in an IVA.

Provided you keep up to date with paying your mortgage and secured loans then you will not lose your house or car.

Secured loan repayment is included in your expenditure, Any amount agreed to pay into an IVA or debt management plan should be at an amount affordable after paying all secured finance and other priorities such as council tax,tv licence etc.

Lee

You do need to keep up payments on secured loans and mortgages and other priority payments as well as payments towards your IVA.

its the secured loans thats crippling me

I'm afraid that you will have to keep on paying those outside an IVA otherwise you run the risk of losing your house.

If you were able to reduce the monthly payments on unsecured loans, would that make things better for you?

kallis3 wrote:

I'm afraid that you will have to keep on paying those outside an IVA otherwise you run the risk of losing your house.

If you were able to reduce the monthly payments on unsecured loans, would that make things better for you?

done that, seriously thinking about givin my home up just walk away secured loans are going to last as long as the morgage anyway thanks for the advice

Speak to an expert to see if there is a way forward without you giving up the house.

Visit the link I posted before and give one or two companies a ring. You may be able to get some help and the advice is free and impartial.

Hi, i was in a simular position. The secured loans were too much. In the end myself and my ex- husband gave the house back to the mortgage company and the secured loans are now on our seperate iva`s as we divorced . Had to be done as we couldnt cope and got divorced in the end. If you have equity i was told i could have released that to pay off the secured loan and/or iva if the creditors accepted.

If you do give up the house then the secured debts become unsecured and can be dealt with via an IVA.

thanks need to do some serious thinking

The forum is always here for you for support and advice.

I hope it works out for you Ann as there will be a solution. x

yes whatever you decide it will be what is best for you. i got to keep my car though as i needed it for work .