My paperwork states that at the end of the 4th year I must try to release any equity in my home if I am unsussessful with my current provider then my supervisor can try with another company, if this is unsussessful then the IVA will run for another 12 months (which will take it up to 5 years) at which point any outstanding debt will be written off. there is no pre determind amount of equity mentioned.
It is usually maximum 85% LTV and your payments cannot be more than 50% of your IVA payments.
I have never heard of an IVA that would complete in 5 years if you cannot remortgage - all IVA's run for 5 years with the option of a 6th year if you cannot remortgage.
Which company are you with?
It is also usually down to yout to try a couple of companies for remortgage, not your IP company.
I am with debt free direct, I have checked again and there is no mention of a 6th year anywhere, my current LTV is about 80% if I had to move companys my early settlement charge would push it up to around 86%. to be honnest it is the fact that it states they can pretty much choose who I have to have my morgage with that worries me.
I would have a word with them - it maybe that they have to speak to the creditors again if you cannot remortgage but they are the ones best placed to advise.
Have a chat to DFD and see what they say. It is unusual for the supervisor to try to source a mortgage for you and TBH it's highly unlikely they will be able to. Our resident mortgage broker has said secured loans are now available to address the equity clause but no mortgages as yet.
