Secured Loan and BR

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Gazsun

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Post by Gazsun » Mon Jun 21, 2010 9:42 am
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Hi
My wife and I are going through the process of setting up an IVA. Talking last night has brought up a question.
If everything goes really wrong and Bankruptcy is the only option (not that we think it will get to that) what is our position on a secured loan we have against our house?
Basically when we had the house re-valued the equity on the house covers the loan plus about 2K. If we had to declare BR would the house have to be sold to cover the secured loan or would we be allowed to keep the house?
As a foot note very glad I found this forum before we started the process (makes me shudder thinking about starting an IVA without reading this site first!)
We decided to go with JonesGiles and feel confident in there dealings with us so far.
Thanks
Gary
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Michael Peoples

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Post by Michael Peoples » Mon Jun 21, 2010 9:48 am
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Provided you continue to pay the secured loan there is nothing to be worried about. In bankruptcy there is nothing for the OR to pursue so the property could be dealt with cheaply and easily.

Should not come to that anyway as I am sure your IVA will be approved.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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Gazsun

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Post by Gazsun » Mon Jun 21, 2010 11:00 am
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Thanks for the fast reply [:)]
We are feeling OK with the application at the moment just trying to cover all the bases [:)]
Thanks again
Gary
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Sinking Fast

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Post by Sinking Fast » Mon Jun 21, 2010 12:07 pm
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Hi Gary,

You have chosen one of the best IP's in Jones Giles. Do make sure you let us know the outcome of your creditors meeting.
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kallis3

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Post by kallis3 » Mon Jun 21, 2010 12:45 pm
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It's a great company and Mel comes very highly recommended.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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