Ifyour house was in negative equity you could not release any. My own IVA states that if the equity is less than £5000 I don't have to.
Also, if I cannot remortgage, therefore am unable to release any, then my IVA will continue for a further 12 months.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Kallis is right about the £5,000 deminimis level which comes from the recently introduced IVA protocol - unfortunately some creditors are now seeking to modify this to say that if the equity is less than £5,000 then a further year's contributions have to be made to address this (subject to the actual level of equity being raised). So much for standard procedures adopted by all in this marketplace!!
