Current IVA Question, adding a loan??

Max7051

Long story short (and it is a long one!!). Im in an IVA and i have recently discovered that the loan i took out years ago as secured on my property is not actually secured!!!

Can i now add this to my IVA as i am really struggling to pay it and im in arrears by 2 months (currently paying normal monthly payments).

Any advice welcome.

Thank you

Max (lady Max) lol

Charco_2

Yes it can be added - might make for some complications though!

First question I would be asking is though what kind of IP have you that didn't know the difference between a Secured and unsecured loan - THE IP MUST CHECK AND DOUBLE CHECK EVERYTHING! Even if you tell them something, it still needs to be verified!

However, that aside, you can add the debt in to your IVA and any money that you were paying towards it as a "secured debt" will now be paid into your IVA as a contributions towards ALL your debts. You will need to be sure that you have not adversely affected the proposed dividend for your other creditors... If this requires a year extension to your IVA then so be it!

Max7051

Charco wrote: »

Yes it can be added - might make for some complications though!

First question I would be asking is though what kind of IP have you that didn't know the difference between a Secured and unsecured loan - THE IP MUST CHECK AND DOUBLE CHECK EVERYTHING! Even if you tell them something, it still needs to be verified!

However, that aside, you can add the debt in to your IVA and any money that you were paying towards it as a "secured debt" will now be paid into your IVA as a contributions towards ALL your debts. You will need to be sure that you have not adversely affected the proposed dividend for your other creditors... If this requires a year extension to your IVA then so be it!

Hi and thanks, its my ex partners IP and I agree, it should have been spotted at he time of his bankruptcy but hey ho, it got spotted when i sent in my loan statement to work out the equity in my property when buying back the beneficial interest.

Im thinking now my solution is to get this loan into the IVA, i just spoke to the post appointments department and they say yes (also with what you said above) as long as i get proof from loan company that its unsecured.

1 question, how does the IP find out if its secured or not? Land registry or something?

Thanks

Max:)

Charco_2

We had one in the office yesterday. The loan agreement said at the top said "Secured loan..." and at the bottom it said "... your home may be at risk if you do not maintain... blah blah blah" and the IP in the case STILL wanted to do a land registry check to see if the loan company had actually attached themselves to the property.

It's amazing how often people don't know if a loan is secured or not - more commonly with car HP loan agreements though.

Max7051

Charco wrote: »

We had one in the office yesterday. The loan agreement said at the top said "Secured loan..." and at the bottom it said "... your home may be at risk if you do not maintain... blah blah blah" and the IP in the case STILL wanted to do a land registry check to see if the loan company had actually attached themselves to the property.

It's amazing how often people don't know if a loan is secured or not - more commonly with car HP loan agreements though.

I just spoke to the Halifax Bank who the loan is with, they say it IS secured and faxed me a copy of my application form!!

It says at the top o the form "PERSONAL LOAN APPLICATION FORM" then just underneath it says "INPORTANT: applications for Homeowner loans must be in the same names as appear as owners on the title deeds to your property"

It does not say it "IS" a homeowner loan. Im on the phone to the right now to get a copy of my loan agreement faxed over.

Hmmmmm