We are month 31 in our IVA. One of our creditors, who have security via 1st and 2nd charges on a couple of properties that we have, and who were notified of the IVA at the outset, are now saying that the unsecured element of their debt is included in the IVA. This could potentially fail the IVA as this debt is very large. Do they have the right to do this at this stage when they should have said at the outset that they were not relying on their security?
A secured creditor can revalue their security at any time during the IVA. They can claim for the unsecured element or remove their security altogether if they wish. Your IP should be able to explain this to you.
