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Posted: Thu Jan 17, 2008 5:43 pm
by g.s
Hello,
Can I enter into an IVA for a loan secured on my property?
Posted: Thu Jan 17, 2008 6:33 pm
by pbeck
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
Posted: Thu Jan 17, 2008 8:05 pm
by Adam Davies
Hi
If there is a shortfall from the property sale then this will be unsecured debt and can be included within an IVA.
Regards
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
Posted: Fri Jan 18, 2008 5:07 pm
by iva experts
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/