can I include First Plus loan secured on my house

[d_m]

i have a First Plus loan for £60000 over 300 months and 3 credit cards with £25000 on them, can I include the First Plus loan as it is secured on my house

[DebtDummy]

Can FirstPlus be included in what? Do you mean an IVA? If this is what you mean, d_m, no it can't be. An IVA involves unsecured creditors.

Take care.

All I have left is my humour.

[DebtDummy]

I forgot to add, the monthly payment you make to FirstPlus is a part of your monthly expenditures.

Take care.

All I have left is my humour.

[MelanieGiles]

Hi dm and welcome to the forum

You can include any unsecured element of the loan into your IVA, but the creditor will be asked to value the level of their security and they may choose to rely upon that rather than claim. If there is no unsecured shortfall then their rights as secured creditors are disaffected under IVA proceedings.

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

[jamesfalla]

Hi d_m

Debt Dummy is quite right. Unfortunatley secured loans can NOT be included in an IVA.

You might like to consider speaking to a mortgage broker about consolidating both your mortgage and secured loan into a single mortgage. If possible, this could work out a lot less expensive for you each month and may free up disposable income for an IVA with your remaining credit cards.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk