www.iva.co.uk

Is it possible to have a secured loan included in an IVA. I say secured but in reality its secured on fresh air. I took out the loan one year before my IVA started, August 2006, has house prices have now nosedived the value of the house barely covers the mortgage amount. Remaining IVA term 4 years 2 months, secured loan 7years 10months. Does the loan only become unsecured if I were to sell (big if)? Would the loan company prevent me from selling? This loan is the one thing that as always annoyed me about my financial situation. The credit cards, unsecured loans I take total responsibility for, but when I tried one more consolidation and they said no that should have been it. The wake up sign, but no I couldn't afford an unsecured loan but they'd quite happily give me a secured one. No affordabilty check required if payments stayed below existing loan amount. So even when I finish my IVA I'll still have this debt for a further 4 years. Is there anyway that this debt could be included in my IVA.

Thank you

Louise - what are you actually suggesting? As you are already in an IVA, unless the unsecured element of your secured loan was included at the start of the arrangement, it would be difficult to include them now.

The loan becomes unsecured if there is insufficient value in your property to cover the amount outstanding, or the security is revalued by the lender. I rather think that you are stuck with it.