Is it usual practice to check on the value of the property, when nearing the end of an IVA?
Also is there a way of getting out of the IVA and getting the money from the property?
Yes it is usual practice to see if you have any equity and if you have then to try and remortgage (not possible at the moment.
The only way to get out of the IVA is to let it fail and then you will be back to square one. You may even be worse off as your creditors can add charges and interest on.
How long have you to go?
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
The alternative is to put forward a variation that you voluntarily sell the house and pay part of the net proceeds into the IVA (at a level to match what they would receive if your contributions continued) and keep the rest.
If you sell the property without a variation all of your share of equity will be due into the IVA estate.
If you fail your IVA you are at risk of losing the property in Bankruptcy.
