Posted: Sun Jul 01, 2007 1:40 pm
Can a second charge secured loan be included in an IVA ? and is an IVA applicable in Scotland ?
An IVA cannot be put forward in Scotland - you need to look at doing an alternative Trust Deed. And only the unsecured element can be included of a secured loan - so if you are in negative equity, that sum could be included, but if you don't make the secured loan payments then the bank can take possession proceedings against you.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk