Can I use an IVA on a secured loan on my property

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kay

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Post by kay » Tue Jan 29, 2008 5:21 pm
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CAN I USE AN IVA ON A SECURED LOAN ON MY PROPERTY
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carlmcmullen

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Post by carlmcmullen » Tue Jan 29, 2008 5:24 pm
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No you are not able to.

The secured loan uses there security on the property and if payments are not maintained in full they can reposess the property.

Do you have any unsecured debts?

Carl
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Adam Davies

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Post by Adam Davies » Tue Jan 29, 2008 8:29 pm
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Hi
If the property was sold or repossessed and there was a shortfall in paying off the secured loans then this money would become unsecured and can form part of an IVA,along with other unsecured debts
Regards
Andam Davies
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