Get expert opinion. This is the place for new questions to be posted.
-
Andrew.75
- Posts: 1
- Joined: Fri May 14, 2010 5:22 pm
Can a secured loan be included in total debt for an iva?
-
Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
No, however if the security is sold and there is a shortfall then this shortfall can be included in an IVA
Regards
Andam Davies
-
MelanieGiles
Industry Expert
- Posts: 47612
- Joined: Tue Jan 09, 2007 10:42 am
- Location:
-
They will be included - but only to the extent of any shortfall as Andy has already described.
Regards, Melanie Giles, Insolvency Practitioner
-
Sinking Fast
- Posts: 541
- Joined: Mon Dec 28, 2009 8:40 pm
- Location:
But surely the secured loan company, having a second charge against the property, would block any sale to protect their interest?
MelanieGiles wrote:
They will be included - but only to the extent of any shortfall as Andy has already described.
-
Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
It may be following a repossession but can also be after a house sale
Regards
Andam Davies
-
MelanieGiles
Industry Expert
- Posts: 47612
- Joined: Tue Jan 09, 2007 10:42 am
- Location:
-
No point in secured loan companies blocking house sales in the current marketplace - they are likely to lose money in the long run if they do so.
Regards, Melanie Giles, Insolvency Practitioner
