I am coming up to the last year in my IVA and it is written in about releasing funds from my mortgage if I can remortgage. What does this mean exactly ? What will I have to do ?
You should check on your proposal/chairmans report as to how much equity you have to try and release. You then have to try and remortgage that amount.
If you can't do so then you may find that you have to make a further twelve months payments.
Clarify this with your IP though.
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.
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Definately a chat that you need to have with your own IP who can steer you in the right direction. It is nigh impossible to release equity by way of remortgage these days, so they may have to call a meeting of creditors to ascertain their wishes.
