are loans secured on property included in an iva?

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al8

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Post by al8 » Fri Jan 04, 2008 2:27 pm
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are loans secured on property included in an iva?
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pbeck

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Post by pbeck » Fri Jan 04, 2008 3:09 pm
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Although secured creditors should be notified about the IVA, they will not normally participate therein as they will rely on realising their security if the borrower gets into difficulty.

However, if the property is sold or repossessed and the secured lender suffers a shortfall, then the shortfall could be included as a creditor in the IVA.
Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist since 1996.
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iva experts

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Post by iva experts » Fri Jan 04, 2008 4:00 pm
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Welcome to the Forum al8,

Well answered by pbeck, only unsecured debts can be included in an IVA. However if you have a secured debt such as mortgage or HP a provision will be made in your monthly expenditure for you to keep paying this off.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
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