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Posted: Tue Jul 13, 2010 8:00 am
by maria.kn
can i do a iva if i have a secured loan on my house for 15000
Posted: Tue Jul 13, 2010 8:06 am
by Shining
Hi Maria, yes it's possible to propose an IVA whilst having a secured loan on your property, a professional will be along soon to explain this to you.
Why not have a chat with 2 or 3 potential IP's, a list can be found at
www.iva.com with some reviews of these and you will get case specific advice on all debt solutions for you. Always contact 2 or 3 companies for impartial advice.
Posted: Tue Jul 13, 2010 9:34 am
by kallis3
We have a secured loan on our house, as well as the mortgage. The payments are mad in addition to our IVA.
Visit the link that Lesley posted. It's a good place to start.
Posted: Tue Jul 13, 2010 11:41 am
by plasticdaft
As long as the mortgage and secured loan are paid then its not a problem usually.
Paul
Posted: Tue Jul 13, 2010 12:27 pm
by kallis3
I didn't have a problem, and I meant to say made, not mad in my last post!
Posted: Tue Jul 13, 2010 4:39 pm
by Bridgewood
Hi Maria
A secured loan is treated the same as a mortgage as far as the IVA is concerned
You will have to keep making the payments on the secured loan, which will obviously reduce your disposable income, but it will also reduce the equity that creditors would be able to claim (if any)
Posted: Tue Jul 13, 2010 5:13 pm
by L-E-E
kallis3 wrote:
We have a secured loan on our house, as well as the mortgage. The payments are mad in addition to our IVA.
Visit the link that Lesley posted. It's a good place to start.
The payments may well be Mad as well!
As mentioned already when your IVA proposal is drafted, any payment that you agree to make will be as well as payment to your mortgage, secured loan provider and any HPs you may have.
This is because if you fail to make the contractual payments on these loans then you could face repossession action
Lee
Posted: Tue Jul 13, 2010 5:14 pm
by kallis3
I did correct it afterwards![:D]
Posted: Tue Jul 13, 2010 5:24 pm
by L-E-E
Kallis,
I once referred to a forum user as Larger Lover instead of Lager Lover so I am no better!
Damn spell checker!
Lee
Posted: Tue Jul 13, 2010 5:32 pm
by kallis3
We all have our moments![:D]