will an iva only help me with unsecured debts?

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gavin.b

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Post by gavin.b » Fri Apr 18, 2008 11:07 pm
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will an iva only help me with unsecured debts? i have £20000 of debt, but £15000 is secured. does this mean that i cannot be helped?
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chris.g

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Post by chris.g » Fri Apr 18, 2008 11:11 pm
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Hiya gavin.b and welcome. I'm no expert but I'm sure that an IVA will only include unsecured lending. What assets do you have and have you considered bankruptcy?
It's nice to be back......
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Lisa2009

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Post by Lisa2009 » Fri Apr 18, 2008 11:25 pm
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An IVA only includes unsecured debts.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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Soulgrowth

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Post by Soulgrowth » Sat Apr 19, 2008 8:19 am
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Hi Gavin ... do you own your own home? Do you have any other assets?

Debbie
Debbie
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angela18

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Post by angela18 » Sat Apr 19, 2008 8:21 am
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i'm almost sure its only unsecured also. I know when they thought our car was HP it wasn't going to be included. Turned out to be an unsecured loan in the end.
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

if you wish for a rainbow... then you have to put up with the rain xx
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aguise

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Post by aguise » Sat Apr 19, 2008 9:15 am
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Hi Gavin
Yes an iva only deals with unsecured debts, with only £5000 of your debt being unsecured an iva would not be possible. Possibly dealing with the creditor direct and asking for reduced payments may be an option if you are struggling witht the payments, or asking for interest to be frozen.
hope that helps.

Ang
Please visit my blog at http://aguise.blogs.iva.co.uk/
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chris.g

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Post by chris.g » Sat Apr 19, 2008 9:20 am
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Gavin, if you decide to try for reduced payments I would advise you to go to your local CAB, if possible. They have more clout with the creditors and seem to get better results. I went for 10mths trying to get our creditors to accept a token payment without any luck, 1 letter to them from the CAB and they all accepted £1 per month!!!!
zz
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