www.iva.co.uk

my partner and i are looking in to an iva we are wondering if it will affect our morgage and a secured loan?

It will not affect the mortgage or secured loan as the IVA is there to settle unsecured debts. However, you should be aware that IVAs now require you to remortgage your property to bring total secured debt up to 85% of its value to release equity in the final year of the arrangement.

Can you tell us: How much debt do you and your partner have, how much could you afford each month to go into an IVA, how much do you believe the home is curently worth, and how much debt is secured against it ?

Hi Tracey and welcome to the forum.

Myself and hubby have IVA's and it has not affected our mortgage or secured loan.

One thing to bear in mind is that if you have a mortgage and a secured loan, creditors will be concerned that your income to borrowing gearing is no higher than 40%. If this is the case they may well suggest that you sell and go into rented accomodation if this would be a cheaper option.