bank loan may be secured against my home

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Craig-s

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Post by Craig-s » Thu Aug 23, 2007 4:16 pm
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I re-financed previously with a loan and still owe £20,000 to my bank plus another £20,000 on credit cards. Credit cards are not secured against my home, but the bank loan may be can I take out an IVA covering all £40,000 ? or only for the unsecured £20,000 credit card debt?
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Skippy

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Post by Skippy » Thu Aug 23, 2007 4:41 pm
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Hi Craig-s and welcome to the forum. Only unsecured debt can be included in an IVA so any debt secured on your home would need to be paid outside of the IVA.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/
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iva_squirrel

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Post by iva_squirrel » Thu Aug 23, 2007 4:53 pm
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Hi craig-s,

You can only include unsecured debts in an IVa such as:
Credit cards, Store cards, Catalogues,Personal loans, Overdrafts, etc.

Regards,
Michelle P.
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MelanieGiles

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Post by MelanieGiles » Thu Aug 23, 2007 10:48 pm
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If you are unsure as to whether the loan is secured against your property, check directly with the creditor or do an on-line Land Regiatry search which will show whether anything has been registered again it.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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