Posted: Fri Oct 17, 2008 6:00 pm
Good Morning
I am considering entering an IVA and from the research/online calculations I have done think i would qualify. I own two properties, both rented out (I subsidisethe mortgage on both of them) but one of the properties has a 30K secured loan against it. There is insufficient equity in the properties to make selling a realistic option neither do i wish to sell or lose the properties, however, I am concerned what happens with the secured loan on my propery if i entered an IVA? Would the secured loan come into the IVA arrangement and could a sale be forced? Or does the secured debt remain separate from the creditors in the IVA and must continue to be paid?
Please could someone advise?
I am considering entering an IVA and from the research/online calculations I have done think i would qualify. I own two properties, both rented out (I subsidisethe mortgage on both of them) but one of the properties has a 30K secured loan against it. There is insufficient equity in the properties to make selling a realistic option neither do i wish to sell or lose the properties, however, I am concerned what happens with the secured loan on my propery if i entered an IVA? Would the secured loan come into the IVA arrangement and could a sale be forced? Or does the secured debt remain separate from the creditors in the IVA and must continue to be paid?
Please could someone advise?