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Posted: Tue Jul 15, 2008 8:37 pm
by lynn_m
Would you be able to have a IVA if you had a secured loan on your property? And if so, how would this work? Would the home be at risk?
Posted: Tue Jul 15, 2008 8:38 pm
by Lisa2009
Secured loans can not be included in an IVA.
Posted: Tue Jul 15, 2008 8:47 pm
by MelanieGiles
Hi lynn
Yes it is possible to have an IVA if you have a secured loan, but as Mrs Skint says that loan would not be included in the arrangement and you would need to continue to make the loan payments to avoid your property being affected. Do you have other, unsecured, debts?
Posted: Tue Jul 15, 2008 8:48 pm
by Lisa2009
Sorry i really didnt answer that very well.
Posted: Tue Jul 15, 2008 8:48 pm
by pbeck
Yes, it is still possible, actually it might make it easier than you would think, the reason is that under the standard IVA protocol you would be required to remortgage your home up to 85% of its value towards the end of the IVA. Most secured loans would typically already bring your secured debt up to over 85% of the property's value so unless the property's value were to increase during the IVA term to create more equity you might get away without having to remortgage it at all.
Posted: Tue Jul 15, 2008 9:18 pm
by kallis3
I have a secured loan as well as my IVA, and am managing to make all my payments.
Don't think it will help me with my 4th year clause though as it will be almost finished by then!