After 4 years I have to see if we can release the equity in our property. I don't understand how this works and would appreciate some advice. The house is in both mine & my partners name but I'm the only one in the IVA.
You really ought to take advice from your own IP in this regard, given that they have detailed knowledge of your case and the requirement to raise equity.
Generally, you get your property revalued and attempt to see a new mortgage to see if any equity could be released after paying off your existing mortgage. It is pretty hard to do these days to be honest, if you are subject to IVA proceedings, so do not be suprised if you are unable to effect this.
You may possibly have to make up some additional payments at the end of the arrangement to make up for the lack of equity, but I would hesitate to advise you as I do not have detailed knowledge of your case. Give your IP a ring to see what they suggest.
