It usually refers to an asset ( home, maybe, or a car) that is secured for the purposes of the loan it was purchased with (mortgage or HP) and so has a charge on it already. However, there might be a subtley different definition within an IVA. Hopefully an Industry Expert can put me right tomorrow.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You are entirely correct Foggy. It does usually refer to a car or house but can also relate to Brighthouse for example who secure their debts against all types of household items.
