www.iva.co.uk

Posted: **Mon Jan 07, 2008 12:51 pm**

hello im looking into an iva and have a loan secured against my property i will be selling my property and am unsure what will happen to my loan when i sell and how can i include this with an iva

Posted: **Mon Jan 07, 2008 1:47 pm**

Hello and welcome to the forum.

As I am not an expert I don't really know that answer but one of the experts will be along shortly to advise.

Lou

Posted: **Mon Jan 07, 2008 2:06 pm**

Hi diva

I am sure someone will correct me if I am wrong but I am sure iva's are only for unsecured debts like credit cards, personal loans, etc
Emma

Posted: **Mon Jan 07, 2008 2:11 pm**

The loan will be repaid from the sale proceeds, leaving you with either a surplus of funds or a shortfall which which rank as an unsecured creditor.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Posted: **Mon Jan 07, 2008 3:33 pm**

Hi
Mel,can you always sell if there is a shorfall in the sale price to cover secured loans ?
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Posted: **Mon Jan 07, 2008 9:14 pm**

Only with the permission of the chargeholders who need to agree to release their security in order that good title can be given to the purchaser.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Posted: **Tue Jan 08, 2008 8:47 am**

Thanks for the replys much appreciated.

My main concern is that I will not be able to maintain the payments
on the second charge on the property.

I have been advised to sell by both my mortgage and loan company.
There will be enough value to clear the mortgage debt 100% but there will not be enough to clear the loan, 54000 short.

I am in the postion that if I can't sell my property I will end up losing it anyway.

So if the Mortgage company agree to the sale what say do the loan company get? also will the loan revert to unsecured as stated above as I will not be buying another property?

Would the loan then be able to be included in an IVA?

Posted: **Tue Jan 08, 2008 10:28 am**

You will need to actively engage in discussion with the secured charge holder, who are not renowned for their co-operation in these types of situation. As I said in my earlier post, you will not be able to hand over good title to a purchaser without the secured lender's agreement, so may well be faced with possession proceedings.

Any shortfall would then rank as an unsecured claim which could be included in an IVA. What other debts do you have?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

www.iva.co.uk

how can i include this with an iva ?