Can i get an iva

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nandd

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Post by nandd » Sat Mar 08, 2008 8:37 am
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Hi, i have approx 120k of debt, which aprox 80k of this is a secured loan on my house.Can i get an iva that will cover all this debt even though 80k is secured and keep my house ? My mortgage is jointly with my wife and the loan obviously. I am working and she has her own business that is earning nothing as it is relatively new.
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pixie

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Post by pixie » Sat Mar 08, 2008 8:55 am
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Hi Nandd
Welcome to the forum. An IVA will only cover unsecured debt. One of the experts will be along shortly to point you in the right direction!
Pixie
'Welcome to where ever you are, this is your life you've made it this far, welcome, you've got to believe right here right now is exactly where you're meant to be'
IVA started may 07 ended dec 08
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carlmcmullen

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Post by carlmcmullen » Sat Mar 08, 2008 9:48 am
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Hi Nannd,

As Pixie correctly pointed out, an IVA will only allow you to deal with the unsecured debt of £40k.

However when calculating what you can afford to pay to an IVA the secured loan payments will be factored into this, so what ever disposable income you have left over after mortgage, sec loan, essential household costs, travel etc etc will be what you can afford and would be your contributions to your arrangement.
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