lost

[lost]

hi everyone can you help me please if you go BR and you have a secured loan on your mortgage also if the money you recieve doesnt cover both are you to keep up the payments on the loan?


thanks for your help

[MelanieGiles]

Hi there and welcome to the forum

I am slightly confused by your post but I will have a go.

Secured loans are included within your bankruptcy to the extent of any shortfall they may have comparing the loan amount to the asset which is secured against that loan.

If you are unable to keep up with the mortgage or secured loan payments, you will run the risk of possession proceedings which could ultimately result in the property being sold by the lender(s) and you having to find alternative accomodation.

If this does not answer your point, could you be a little more specific please.

[lost]

hi thankyou again for all your help my question i hope i can explain it better.
i am at the moment in an iva but i pay my mortgage and secured loan also the query was if i was to go BR the money i owe as of date to the mortgage is 40k and 20k to the secured loan so for example if the house only sold when made BR for 40k would i still need to carryon paying my secured loan till it is paid.

i am sorry if it isnt very clear my head is in a bit of a mess


thankyou

[MelanieGiles]

How much equity is there in the property at the moment?

[lost]

hi melanie to date we owe 39,200 to mortgage and the house is worth 75/80k but we also have a secured loan the balance is 18,500 but there is a restriction on the house from the iva

regards

[MelanieGiles]

I'm sorry but I really don't understand what you are trying to ask. It might be better phoning your IP to ask the questions.