www.iva.co.uk

I have a loan with GE money. This is detailed as a "Motor Loan" and the Car registration number is on the agreement form.
Question - is this a secured debt?

If this is secured, should I refinance the car loan in order to reduce outgoings & increase the amount available for a Trust Deed?


thanks for any advice

Hi
It does sound like a standard loan but it’s very easy to get this wrong, you will have to look at the agreement very closely, you must also be prepared to give the car up or downgrade if required.

Sounds like the same as we had on our car. It was a fixed sum loan agreement. Very different to HP as the car is not used as security, it is, in effect, a personal loan.
xx

I would agree it sounds like an unsecured loan but the only way to know for sure is to have a good look at the terms.

Ours was GE money for our car.. its been included in our IVA.. I worried about the same. You need to check the agreement

Many Thanks to all respondees.
My first question answered...many more in mind

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