can my client do an iva? I am a mortgage adviser

[vkp]

I am a mortgage adviser and have a client who has a mortgage on a buy to let property and a secured second charge loan on the same property. Please let me know whether the client can enter in to an IVA. On going through your site, I find that mortgages and secured loans cannot be included in an IVA.

However, there must be a way for people who cannot pay their installments. If so, please let me know whether my client can enter in to a legal agreement to sort out his debt problems. He does not wish to sell his property and remortgaging would be difficult as there is not enough equity in the property and on account of his credit history.

Thanks and regards

[MelanieGiles]

Hi vkp - and welcome to the forum. It is nice to see that we fellow professionals can help each other out from time to time!

The only way forward for your client, and I am assuming that he does not have any other debts apart from the ones you have highlighted here, is to come to some specific agreements with both secured lenders.

As a matter of interest, why is the rent on the investment property not covering the mortgages? Have you considered a self-certified mortgage?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk