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I am going into third year on IVA all has been going okay. In the 4 year there is a clause for equity release, however my income will reduce however I can still continue payment into the 4th year. I have researched to scenerio and on basis of income loan to value I would be unable to get a remortgage to my property to release funds as requested.

My IP told me this could be okay and the creditors may just ask me to continue for the 5th year. Is this correct?? As if I cant raise the additional funds its not my fault if lenders think that I am stretched and would over commit. The whole idea of an IVA is to get out of the debt problems not go into another. I am confused

Hi welcome to the forum. I am not an expert
can Please post more details then an expert will be able to help.



Empty pockets never held anyone back. Only empty heads and empty hearts can do that.

I think your IP is being very sensible here - if you cannot raise the money and this is proven by letters from two independent mortgage brokers you have probably complied with your IVA terms. Needless to say you will have to continue payments until the end of the fifth year.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hiya ..I am sure i read on here somewhere that if you couldnt remortagge then an extra year was done instead.

When we did our remortgage for our F/F it was very much a case of "can we afford this" and the IP company i went with actually spoke to the brokers at the time and explained everything to ensure we were not going to end up paying a huge mortgage that we couldnt afford.



Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/