Hi does an IVA only apply to unsecured debt,

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dan651

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Post by dan651 » Sun Jan 18, 2009 8:05 pm
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Hi does an IVA only apply to unsecured debt,I have a business loan secured on my house but I dont think it qualifies,interested in any advice,Many Thanks.
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MelanieGiles

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Post by MelanieGiles » Sun Jan 18, 2009 8:14 pm
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Hi Dan and welcome to the forum

You do need to include all debts in to your IVA, however secured debts are partly or wholly protected due to the nature of the asset they are charged against. Is the business loan in your own name, or in the name of a limited company?
Regards, Melanie Giles, Insolvency Practitioner
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David Mond

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Post by David Mond » Mon Jan 19, 2009 5:51 am
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It appears from what you say that the debt to your limited company was secured on your personal home.IVA's only are in respect of unsecured debt.
Last edited by David Mond on Mon Jan 19, 2009 5:52 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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