www.iva.co.uk

I took out a secured loan to consolidate my debts, which i thiught was a good idea at the time, but the interest rate keeps going up and the repayments are starting to get too much. Can this sort of loan be included in an iva?

Hi natalie and a warm welcome to the foru,

This can be included in an IVA - but how many other debts do you have and spread across how many individual lenders.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

It might be best to explain how SECURED loans are included in an IVA Melanie. It looks like Natalie might be thinking she can somehow reduce her payments to the SECURED loan in an IVA......

yes how can they be included - i thought secure debt could not be included?[?]

Thanks Andy - I didn't spot that she meant a secured loan. These cannot be included in an IVA. Sorry for the confusion chaps.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hello Natalie,


Welcome to the forum.

Creditors that can be included are: banks, finance companies, credit, store and charge card companies, HM Customs and Excise (VAT), Inland Revenue and even loans from friends and family. However, you cannot include your mortgage, hire purchase, student loans, fines, debts incurred through fraud, maintenance/child support arrears.

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. and a secured loan can not be included in an IVA.

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.


Kind regards,


Julia


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

Hi Natalie

Please elaborate on the amount of secured and unsecured debts you have? When the secured loan was taken?

Lee
www.123debtsolutions.co.uk - 08000 114 123

Hiya Natalie. Are you tied into your current mortgage in any way? If not, I would consider remortgaging against your property for the whole amount. It sounds to me as though you haven't yet missed any payments so your credit rating will be good. Even if it is not, a mortgage broker can probably get you a deal which makes your payments more affordable, you just end up paying the debt over a longer period of time.

Yes you could try consolidating this amount into your main mortgage thus hopefully securing a lower interest rate. Alternatively you could look to extend the term of your mortgage or secured loan to reduce the monthly outgoing.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp