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Posted: Thu Apr 30, 2009 5:12 pm
by jamescl
If you have a loan secured on your home can you still apply for an IVA and if so can this loan be included within the IVA
Posted: Thu Apr 30, 2009 5:17 pm
by Hull_Tiger
You can only add Unsecured debts to an IVA however the payment towards the Secured Loan will be taken into account when calculating your disposable income.
Posted: Thu Apr 30, 2009 5:27 pm
by kallis3
You would also have to keep up the payments on this and the mortgage on the property as well as the IVA payments.
Posted: Thu Apr 30, 2009 6:13 pm
by MelanieGiles
It is naturally included in the IVA, but only to the extent of any uncharged element which might remain once the value of the asset it is secured against has been taken into account.
Posted: Fri May 01, 2009 7:53 am
by David Mond
In other words you will be expected to release 85% of any net equity you have in your property in and around month 54 of any IVA by way of re-mortgage subject to other factors.