Yes you certainly can - assuming that you fit the usual criteria which an insolvency practitioner can help you to establish. The shortfall on the secured loan will be included into the IVA alongside your other creditors.
Why not give an insolvency practitioner a call in the morning to find out what your options are and how each one will impact upon your future.
Why not take a look at www.iva.com there you will find a list of companies and some reviews. Contact 2 or 3 and take some professional, impartial advice specific to your circumstance.
The IP's who post on forum do come highly recommended too.
Good luck and let us know how you get on. x
You will need to speak to the secured loan company about the sale to get their permission to sell. They will have to release the charge for less than is actually owed but they should agree as the alternative is the property could be returned to the mortgage company and the sale price would be even less. As Melanie says any shortfall becomes an unsecured creditor after the sale and an IP can estimate how much this will be. It is not necessary to wait until the property has been sold before proposing an IVA. Good luck with your proposal.
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