Why are you struggling with the payments when you are only five months into the IVA? Was the income and expenditure statement based upon your true circumstances, of figures that someone told you you were allowed to spend up to?
When you mean to live - do you mean for essentials like housekeeping, petrol and clothing - or are you talking about social expenditure? What areas of your expenditure do feel are tight, and how much did you agree to spend on them as part of the IVA proposal?
How many adults and children are there in your family, and can you post your allowances so we can see whether they are reasonable. Happy to deal with this off-line if you want to e-mail me. It sounds as if a reduction in payments would be far more favourable to you than extending the mortgage.
If you are struggling to pay for essentials such as petrol and clothing then I would be concerned that your budget has not been correctly set. It is very important that you get this right otherwise you will be at risk of missing payments and your IVA could fail.
However, you have to take this up with your IP and decide the best way forward. You can not just expect to extend the term of your mortgage to reduce your payments and pocket the extra cash. If your IP believes that your expenditure budget is already reasonable, then they could demand you simply increase your IVA payments meaning you would be no better off.
