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Posted: Wed Dec 17, 2008 5:54 pm
by apple
I have a secured loan. How is this effected by a IVA?
Posted: Wed Dec 17, 2008 6:09 pm
by kallis3
Hi and welcome.
You would have to continue paying your secured loan as normal. It can't be included in an IVA
Posted: Wed Dec 17, 2008 10:14 pm
by MelanieGiles
The secured loan is actually included within the IVA, but only with regard to any element which is deemed to be unsecured - ie not covered by the value of the asset securing the debt.
As Jan says, you will need to continue to make the secured loan payments in order to avoid the asset being repossessed.