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What is an IVA

Angel2009
Angel2009 Posts: 15 Forumite
in IVA & DRO
If I was to go for an IVA do they clear just unsecured debts? I have a mortgage and a secured loan on my property which I can manage it is just the £30k of unsecured debt that I am struggling with.

Comments

  • Nick700
    Nick700 Posts: 46 Forumite
    Good evening,

    Yes, IVAs do just clear unsecured debts. It will be your responsibility to maintain the payments to your secured debts.

    However, if you sold your house or had your house repossessed and there was a debt left owing to the mortgage/secured loan lenders, then that could be included in your IVA too as those debts will then be unsecured too.

    Nick
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