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Hi again, We are now at the stage of having our proposal drawn up, very quick i am pleased to say! My IP phoned today to say thta we are looking at a 6 year proposal due to us having a low offer and a large portion of debt is to the dreaded Northern Rock! Just wondering if it is initially a 6 year proposal do you still have the equity release clause? Ans if so if it is not viable would it be extended to 7 years? I know all of this will be in my proposal and i know i can always ask my Ip (he is very good and approachable) But thought i would try and give my self a heads up so to say!

Thanks as ever to everyone on here the support is brill!

The equity release will probably still be in there and there may be a possibility for it to extend 12 months further but you should have answers to all your questions before you sign up to the IVA,so there can be NO surprises later on.

Paul

Make sure you read your proposal thoroughly and ask any questions before you sign it. As Paul says, make sure you have all the answers.

If the proposal is set to run over a five year period - and I suggest that it is drafted in such way leaving the sixth year to be modified in by the creditor who usually (but not always) demands this, then your equity release will be effected half-way through the sixth year, and if funds cannot be raised then you will be facing a seventh year of contributions.