www.iva.co.uk

Hi,
Looking through my iva paperwork with payplan, I have noticed that my chairman's report has 3 creditors totaling 20k however under the creditors section there is an additional creditor (my mortgage company due to secure part of loan) so my question is due to this element not being on my Chairmans report does this have any ramifications good or bad
Thank you for any help

They will have a mention there because any shortfall, if you failed to pay the mortgage repayments and were repossessed, would become an unsecured debt. The fact that this has been taken into consideration will, if needs be, make sorting that problem out easier.

Thank you Foggy, to explain further I took a 100% mortgage back in the day when they were about, as part of the conditions there was a secured element. I have never missed a payment on this and have not allowed it go in to default as its a joint mortgage with my wife but she is not in a IVA.

Does that help?

The Chairmans report usually only declares the creditors that took part in voting in the IVA.

Your actual creditors should have been listed as part of your IVA proposals.

Secured creditors are usually listed as a secured for £1 if their debt is fully covered by their security.

Just a thought - do you mean there is a unsecured part of the mortgage? ie an unsecured loan as part of the mortgage but not secured on the property?

Keith White wrote:

Just a thought - do you mean there is a unsecured part of the mortgage? ie an unsecured loan as part of the mortgage but not secured on the property?

Could be -- especially if it was an NRAM (Northern Rock) mortgage.

Yes there was 10k and it was with northern rock. Sorry I am not very good at explaining myself. My chairman's report states 20k in total debt but my creditors inform has my mortgage of 10k totaling 30k this is what's confused me. Is it a clerical error on behalf of payplan?
Really appreciate your help