does the IVA cover all secured and unsecured loans

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den

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Post by den » Tue Feb 13, 2007 7:15 pm
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does the IVA cover all secured and unsecured loans
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MelanieGiles

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Post by MelanieGiles » Tue Feb 13, 2007 8:10 pm
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Hi den and welcome to the forum.

An IVA can only deal with the claims of unsecured creditors. You will need to maintain ongoing repayments to all secured creditors, who retain proprietory rights over the assets put up as security.

If you are unable to do this, and default on secured loans, those creditors will be entitled to commence possession proceedings against the asset.

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
Regards, Melanie Giles, Insolvency Practitioner
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123debtsolutions

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Post by 123debtsolutions » Wed Feb 14, 2007 1:16 am
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Hi Den

Welcome to the forum.

Only unsecured debts can be dealt with in an IVA.
It is important that you have complete assessment carried out in order for you to receive a full and complete proposal based on your current circumstances.

Best of Luck

Lee
www.123debtsolutions.co.uk - 08000 114 123
Lee
www.123ds.co.uk - 0808 22 22 123
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