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Posted: Mon Jul 30, 2007 9:05 pm
by jigwall
can a secured loan of 20K be included in the IVA? I also have debts of over 10K. There is equity in my house and I have a regular monthly income
Posted: Mon Jul 30, 2007 9:06 pm
by Storm
No secured loans are excluded
Posted: Mon Jul 30, 2007 9:54 pm
by Adam Davies
Hi
An IVA is for unsecured debt only and if your equity is higher than your 10k unsecured debt you are deemed to be solvent and therefore an IVA is not suitable.
Regards
Andy Davie
IVA.co.uk Spokesperson
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: Tue Jul 31, 2007 10:36 am
by iva_squirrel
Hi jigwall,
Normally you can include any unsecured debt into the IVA. All secured debts have to go into your monthy expenditure therefore it has to be excluded from your creditors lists.
Regards,
Michelle P.
Posted: Tue Jul 31, 2007 10:38 am
by Oliver
Hello
A secured debt can NOT be included in an IVA. Also if you have £10k worth of unsecured debt then it would be unlikely that an IVA would be suitable for you anyway.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp
Posted: Tue Jul 31, 2007 11:48 am
by iva experts
As the other experts have mentioned an IVA is only for unsecured debt, could you provide how much equity you have in your house?
Oliver makes a good point, if your unsecured debt is £10,000 this would not be sufficient to enter an IVA. You could consider a DMP or bankruptcy.
Best Regards. IVA Experts