If we get a windfall can we pay off our secured loan ?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
janette
Posts: 1
by janette » Sat Nov 25, 2017 8:29 pm
in a iva have paid 35 months they have extended iva for 6 years due to none equity and extra creditor we also have a secured loan and mortgage on a property that is 50/50 shared ownership
my questions is if we get a windfall can we pay the secured loan off before giving the remaining money to iva ?
User avatar
kallis3
Forum Expert
Posts: 72034
Contact
by kallis3 » Sat Nov 25, 2017 9:09 pm
Hi,

Unfortunately it will all have to be paid across to your creditors.
User avatar
Foggy
Forum Expert
Posts: 24120
Contact
by Foggy » Sat Nov 25, 2017 9:17 pm
As Kallis says -- the IVA and your creditors have first call on any extra income, be it earned or unearned.

I am curious as to why they have visited the question of equity at month 35. Are you sure the extension is not only due to an extra creditor being discovered ? Equity is normally addressed at month 54 in a standard term IVA. You might have another extension to come.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Google [Bot] and 18 guests