Posted: Tue Feb 06, 2007 7:16 pm
I am thinking of going into an iva, if you have a charge put on your property by one of your creditors even though the loan was unsecured?
Hi paulb
Could you confirm exactly what your query actually relates to.
If I assume you are asking what happens to a creditor who has a charging order over your property within an IVA, then that creditor has now obtained security for their debt over your property and will need to be treated outside of the IVA.
The creditor will probably expect you to pay them some ongoing monthly payments directly, and these will need to be taken into account as part of your allowable expenditure within the IVA.
Failure to make payments against a Charging Order could result in possessory action being taken against your property.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk