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Posted: Mon Jan 19, 2009 12:24 pm
by aknox
Does an IVA cover debts secued on my property under a charging order?
Posted: Mon Jan 19, 2009 12:26 pm
by Lisa2009
No it doesnt but provisions can be made in an IVA proposal, allowing the secured loan to be paid alongside the IVA.
Do you have any other creditors and if so, how much do you owe to them?
Posted: Mon Jan 19, 2009 12:41 pm
by Michael Peoples
If the charging order is only an interim one and it has not been made final or absolute, an IVA can address it as it is not yet fully secured. If this is the case seek urgent assistance from an IP who can get an order to put the proceedings on hold. Otherwise as Mrs Skint says it can only be treated like a mortgage or secured loan and must be paid.
Posted: Mon Jan 19, 2009 1:57 pm
by MelanieGiles
It actually does cover those type of debts, but only to the extent that the asset which secures the debt is insufficient to cover the debt. For instance if there were a charging order of £20,000 against a property with equity of only £10,000 after the mortgagee's claim, then the £10,000 would be unsecured and deemed to be a claim in the IVA.