Posted: Fri Feb 23, 2007 3:25 pm
are morgages and secured loans covered by iva's
An expert will come along shortly who can answer you in detail.
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All I have left is my humour.
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are morgages and secured loans covered by iva's
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Posted: Fri Feb 23, 2007 3:50 pm
I am not an IVA expert,but did have an IVA drawn up in the past. No, mortgages and secured debts are NOT covered under an IVA. IVAs pertain to your unsecured debt. However, you may have to release the equity in your home to pay the outstanding amount remaining after 48 months. You may need to remortgage in order to do this. Each IVA is individual or unique to that person's financial situation, hence the use of the word 'may'.
An expert will come along shortly who can answer you in detail.
Take care.
All I have left is my humour.
An expert will come along shortly who can answer you in detail.
Take care.
All I have left is my humour.
Posted: Fri Feb 23, 2007 5:05 pm
Hi lm
No - these debts are not included in the IVA agreement and you will need to continue to pay the monthly instalments to avoid possessory action being taken 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
No - these debts are not included in the IVA agreement and you will need to continue to pay the monthly instalments to avoid possessory action being taken 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