IVA for a loan secured on my property?

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g.s

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Post by g.s » Thu Jan 17, 2008 5:43 pm
Hello,

Can I enter into an IVA for a loan secured on my property?
 
 

pbeck

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Post by pbeck » Thu Jan 17, 2008 6:33 pm
No, secured creditors will stand outside the IVA process. If you stop paying the loan, they will repossess the property.

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist
Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist since 1996.
 
 

Adam Davies

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Post by Adam Davies » Thu Jan 17, 2008 8:05 pm
Hi
If there is a shortfall from the property sale then this will be unsecured debt and can be included within an IVA.
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Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
 
 

iva experts

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Post by iva experts » Fri Jan 18, 2008 5:07 pm
Hi g.s,

An IVA is for unsecured debt only, however you would be given a monthly provision to continue to pay your secured loan each month. Andy makes a good point, if your property is re-possesed/or you have a shortfall from a sale then this is classed unsecured and can go into the IVA.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
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