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Posted: Tue Sep 09, 2008 10:45 pm
by lintur
is there any thing i can do i am struggling to pay my mortgage and secured loan along with other debt can you do an iva for secured loans
Posted: Tue Sep 09, 2008 10:56 pm
by Viki.W
Hey lintur, welcome to the forum. Unfortunately you can not include secured loans and mortgages in an IVA but if you can post a few more details regarding your circumstances, mortgage and other debts then the technical experts can help you further.
Posted: Tue Sep 09, 2008 11:01 pm
by MelanieGiles
Just to remind everyone that a secured creditor has the right to revalue its security at any stage during an IVA, so any shortfall which is deemed to be unsecured can be included in the IVA.
Posted: Tue Sep 09, 2008 11:28 pm
by Viki.W
Sorry, I gave duff info![:I]
Posted: Tue Sep 09, 2008 11:50 pm
by MelanieGiles
Not at all duff information - I merely expanded on your point Viki!
Posted: Tue Sep 09, 2008 11:54 pm
by Viki.W
Ah, I see now.
Ooh, I'm a bit sleepy tonight![|)]
Posted: Wed Sep 10, 2008 6:38 am
by angelrainbow
I had a secured loan which, upon our house being repo'd, became unsecure..along with the shortfall for the mortgage.
We actually had very, very little unsecured debt - only £5K or so, so were never suitable for an IVA until we lost our home.