We're currently in the process of setting up and IVA, the MOC was held yesterday but NRAM want to hold us to 6 years with and extension to 7 years if no equity can be released during the 6th year. However, if I continue with the DMP I have in place and increase it I will have cleared the other creditors in 7 years anyway, admittedly we'll still have the unsecured section on the mortgage but i'm really annoyed that they can push for a 7th year. I would just like thoughts on what others would do in this situation please.
Your thinking is entirely correct and I also think it is a bit excessive but that is their policy. If you have little equity now perhaps bankruptcy would be more suitable as that would get rid of all the debts including the unsecured element of the 'Together' mortgage. Any income payments order would only be for three years rather than potentially seven years in an IVA.
