IVA : What Is A Second Charge?

A second charge is a legal charge put on a property in favour of a lender.

A second charge comes second in line to a first charge. If the charges are exercised the first charge will have first call on any available funds. The second charge would have access to any remaining funds upto the amount of the second charge.

Charges are put on goods or property as a way of securing a debt. Secured debts are not admissible in an Individual Voluntary Arrangement.

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