Secured debt

[rosa]

Hello,

Can you please tell me the the difference between a secured and unsecured debt?

[rosa]

Will assets that secure borrowings be included in an IVA?

[iva_squirrel]

Hello Rosa,

A secured debt is a debt secured against an asset that you own. Typical secured debts will be a mortgage, a secured loan, a car loan, etc. An unsecured loan is any loan not secured on an asset, such as a bank overdraft, a personal loan, a credit card, store card, etc.


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[iva_squirrel]

Hello,

Those assets which secure borrowings cannot be sold or realised without the consent of the lender. If there is 'equity' in a secured asset,unsecured creditors will expect this to be taken into account as part of the IVA proposal.

Regards,

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[rosa]

Thank you very much for that. I am jut so worried about my matrimonial home.Do I have to get my husband to agree selling our home?

Thank you

[iva_squirrel]

Hello,

Whether a matrimonial home, or other secured asset, has to be sold as part of the IVA will depend upon the amount of 'equity', debt and circumstances of the individual concerned.

Regards,


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[rosa]

Do I have to tell my partner?

[iva_squirrel]

Hello Rosa,

You do not have to tell your partner if you are entering into an IVA. We would however normally advise that you did.

Many thanks

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[Martin]

Hi Rosa,
This is from personal experience;I'm not an xpert just someone who got into debt without trying.
First you obviously seem worried about telling your partner. Do you have any loans or other debts which are in both names? All your debts would have to be declared so if you have any joint accounts you will need to tell him - the sooner the better.

[Oliver]

Hi Rosa

As Martin says, the best advice for people in debt is always to tell your partner. After the initial shock, you can then face the problem together which is much better than going through it alone.

If you really feel that you can not tell them, then this may effect the solutions open to you. Foe example, if you have debt over £15,000 and are considering an IVA, then you would be expected to release home equity if available. You would clearly have to tell your partner about this if the property was in joint names

You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
James Falla
www.thomascharles.com