can a secured loan of 20K be included in the IVA?

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jigwall

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Post by jigwall » Mon Jul 30, 2007 9:05 pm
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can a secured loan of 20K be included in the IVA? I also have debts of over 10K. There is equity in my house and I have a regular monthly income
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Storm

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Post by Storm » Mon Jul 30, 2007 9:06 pm
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No secured loans are excluded
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Adam Davies

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Post by Adam Davies » Mon Jul 30, 2007 9:54 pm
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Hi
An IVA is for unsecured debt only and if your equity is higher than your 10k unsecured debt you are deemed to be solvent and therefore an IVA is not suitable.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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iva_squirrel

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Post by iva_squirrel » Tue Jul 31, 2007 10:36 am
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Hi jigwall,

Normally you can include any unsecured debt into the IVA. All secured debts have to go into your monthy expenditure therefore it has to be excluded from your creditors lists.

Regards,
Michelle P.
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Oliver

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Post by Oliver » Tue Jul 31, 2007 10:38 am
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Hello

A secured debt can NOT be included in an IVA. Also if you have £10k worth of unsecured debt then it would be unlikely that an IVA would be suitable for you anyway.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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iva experts

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Post by iva experts » Tue Jul 31, 2007 11:48 am
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As the other experts have mentioned an IVA is only for unsecured debt, could you provide how much equity you have in your house?

Oliver makes a good point, if your unsecured debt is £10,000 this would not be sufficient to enter an IVA. You could consider a DMP or bankruptcy.

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