All of your unsecured debts can be included into your IVA. These include credit cards, unsecured loans, payday loans, HMRC debts, council tax debts, overdraft and anything else which isn’t secured.
Anything else that could be considered a secured debt is not included, and this includes hire purchase agreements and loans for goods such as cars, white goods or furniture. Where a loan has been set up based on using possessions as security and you default, the goods are not yours to sell to pay off what you owe – the lender can take them back to cover the remainder of what you owe them. Check the IVA Criteria guide to see if you qualify.
Click here to know more about #ivafaq.
Anything else that could be considered a secured debt is not included, and this includes hire purchase agreements and loans for goods such as cars, white goods or furniture. Where a loan has been set up based on using possessions as security and you default, the goods are not yours to sell to pay off what you owe – the lender can take them back to cover the remainder of what you owe them. Check the IVA Criteria guide to see if you qualify.
Click here to know more about #ivafaq.
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