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Posted: Mon Mar 26, 2007 6:44 pm
by mark_
I have already taken out a loan of £36000 pounds over 20 odd years...would this be included in an IVA ?
regards Mark
Posted: Mon Mar 26, 2007 7:08 pm
by Storm
Depends if it is secured against your property ?
Posted: Mon Mar 26, 2007 9:19 pm
by MelanieGiles
If it is unsecured then the answer is yes. If secured then the creditor's rights are unaffected by IVA proceedings, and you will have to maintain the loan repayments to avoid your asset being repossessed.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
Posted: Tue Mar 27, 2007 10:32 am
by jamesfalla
Hi Mark
Yes, if the loan is securred, then it can not be included within an IVA. If it is unsecurred, there is no question, it will have to be included in an IVA
James Falla
Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.
For more information visit
www.jamesfalla.com and visit my blog at:
http://jamesfalla.blogs.iva.co.uk
Posted: Tue Mar 27, 2007 12:46 pm
by mark_
MelanieGiles wrote:
If it is unsecured then the answer is yes. If secured then the creditor's rights are unaffected by IVA proceedings, and you will have to maintain the loan repayments to avoid your asset being repossessed.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk