Hi, I'm into potentially my last 6 months of my IVA. I understand that i'm supposed to release equity from my house as a final payment. With such a bad credit rating now who would re-mortgage me? I also understand that if i get letters of refusal my IVA could be extended by up to another 12 months. My question is could I offer to pay a lump sum slightly higher than 12 months, but not as high as equity release and end it at the 5yr mark? (I've in-laws willing to pay it if it's possible)
If you cannot get a remortgage and the IVA is to be extended you only need to offer the amount of equity available or twelve additional payments-whatever is the lower. That should close the IVA down.