I am considering IVA. I have mortgage + 2nd mortga

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1


User avatar
Posts: 1
Joined: Thu Aug 26, 2010 3:30 pm

Post by gary.hs » Thu Aug 26, 2010 3:30 pm
I am considering IVA. I have mortgage + 2nd mortgage but want to keep home. I have 4 credit cards totalling nearly £15K, which is the main drive for IVA.

However I also have 2 loans for cars, which to be honest I want to keep otherwsie can't work.

Is there a way to enter IVA for Credit Cards and keep the other loans under normal payment conditions? I know this sound very slective but terrfified of losing home and cars.


User avatar
Forum Expert
Posts: 9562
Joined: Wed May 21, 2008 12:45 pm
Location: United Kingdom

Post by plasticdaft » Thu Aug 26, 2010 3:54 pm
No all unsecured borrowing will be included.

Regarding the mortgage do you mean you have a 2nd mortgage on the same property?

Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm

Post by Michael Peoples » Thu Aug 26, 2010 4:04 pm
Any secured debts must be paid in full during the IVA so your mortgage and car HP payments would be allowable.

It is possible one or either car is not actually HP so you should seek advice from an IP firm.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”