That is not strictly true! Secured debts are included in the proposal, but only to the extent of any current or future shortfall, having taken account of the value of the asset which is providing the security.
You would need to continue to make your ongoing payments towards the mortgage and car HP - to avoid the assets being repossessed.
Secured debts are outside any proposal for an IVA. The IVA is in respect of unsecured debts. If you fail to keep up with your secured debt repayments such as a mortgage or HP then if these assets are repossessed and there is a shortfall to the secured lender then that shortfall falls into your IVA.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
You have to make sure that you can service all of your secured debts as well as make reasonable payments to your IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
