are ivas only for unsecured debt

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shaun_a

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Post by shaun_a » Mon Jun 11, 2007 9:48 pm
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hi
are ivas only for unsecured debt
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Adam Davies

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Post by Adam Davies » Mon Jun 11, 2007 10:05 pm
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Hi
Yes,unsecured debt only.However if you have property repossessed and there is a shortfall then this becomes unsecured debt and can then be included in an IVA.
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Andy Davie
IVA.co.uk Spokesperson

About me:
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Andam Davies
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iva_squirrel

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Post by iva_squirrel » Mon Jun 11, 2007 11:36 pm
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Good evening Shaun,


Welcome to the forum.

An IVA is suitable for the following types of debt:

Store cards
Catalogues
Credit cards
Personal loans
Student loans
Overdrafts
Outstanding balances after home or vehicle repossession
Business loans for which you are personally liable
Crown Creditors. Personal debts to the Inland Revenue and VAT
County Court Judgments


There are some debts which are not suitable for an IVA, these are normally debts which are secured against property or vehicles, such as:

Mortgages
Hire Purchase payments
Other debts such as Rent
Fines (such as parking offences)

This debt will normally have to be paid and provision for the repayment of these debts will be made separately from your IVA.

Kind regards,



Julia Simavi

Shortlisted for Best UK Debt consultant by Credit Show 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net
Last edited by iva_squirrel on Mon Jun 11, 2007 11:41 pm, edited 1 time in total.
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