IVA and a secured loan???

garyj123

Hi everyone, been on here before and got lots of good advice but need a little more if anyone can help?
I have een in touch with CCCS and filled out the form and got my personal debt booklet from them. The only thing is that the budget they worked out only included my unsecure debt. I have a secured loan too and that was not included. To be honest this is the biggest and most expensive one out of the lot. Someone said i cant have a iva if i have secured debt? is this true? if so is there any other options availale for me?
The loan i had was for 10,000 originally paying 192 monthly. Things happened and they reduced it for me to 105 then every 6 months have a review and usually up it a bit. I am now paying 127 a month.
I have had this loan since 2001 and last time i looked i still owe them 18,000!!
As you can see, this loan is just going up and up and now 8 years later i owe them almost double what i borrowed.
Any help and advice would be appreciated, would bankruptcy be a option? as in another 8 years time i may owe them about 30,000!
thanks in advance
Gary

poppyg_2

just bumping for you

lisabell

Hi

I am just going for an iva now had my phone call yesterday to run through everything i have a secured loan and they have included this in my bills section it cannot be added to an iva but the only good thing about having the secured loan is that at the end of the iva they can request equity out of your property if yu have one but with a secured loan they are not able to request the money as technically the equity can be used to pay of the secured loan and not the iva.
Hope that helps a little
Lisa

RAS

Both

Can we confirm that you are doing your IVA through CCCS, not some other company whose primarly concern is making money out of you?

garyj123

If i am given advice that an iva would be good then yes i would rather do it through cccs then take pot luck at another company.
Still not sure if it is worth it though if they wont take on my secured loan as this is the biggest of the debt by far. The other only comes to about 3000 but the secured loan is about 18000 and climbing all the time.

cassy

i think firor an iva you need to have £15000 unsecured debt

anything secure is not included

CLAPTON

a secured loan can't be included in a IVA because a secured loan is by definition secured on the house and so if you default then the they can force the sale of the house.

you need to post up a full SOA before any advice can be given