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Having entered my IVA in 2006, I'm now rapidly approaching my end of year 4 equity release proviso. Could you please advise me what I need to do step by step on the run up to getting an equity release, i.e. valuations, applying for loan etc. Also, if I am able to obtain funds to pay into my IVA, will my 5th year IVA payments decrease to allow for the increase in my mortgage payments ? Furthermore, am I correct in thinking that if I cannot find a lender willing to supply funds for the remortgage, then my IVA will be extended a further 12 months ?

We cannot give detailed advice on the forum I am afraid, as we do not have detailed knowledge of your case. Try and get a meeting set up with your IP to go through this with you and set you on the right road.

htrucker firstly dont panic!!! Secondly get the valuation done through a local estate agent make up a bit of a story about selling the house and you want it priced to "sell" not to have lots of people just looking (obviously dont sign anything or go into a contract) I found this quite stressful once you have two send them in to IP. You will also have establised if you have any equity. I would approach my exisiting lender to ak if they will extend your borrowing (this will be very unlikely) you can then make a few enquires to lenders who look at sub prime market again due to the economic climate this is very unlikely and if they did the rate will be very high. You need to look at you clause on original proposal regarding equity release and as Melanie has said ask them yoyur IP !!! what the outcome should be, you have paid fees to them and they should be very happy to help. For me my IVA was taken out in May 2005, my IP decided that due to the lack of equity I was to conclude my IVA in 60 months. They used the De minimus clause and because I had run my Iva properly they also decided that the equity drop in my property was not my problem but the economic climate who would have thought this would be the situation back in 2005. So as Melanie said to me this time last year dont panic!!! it will work out correctly although it may be a bit stressful it will be worth it xxx remember dont be afraid or put off about contacting your IP Karen x

Thank you both for your valued advice, you are correct when you say it is the most stressful time of an IVA but as you say, may not be as bad as I imagine it to be due to the current economic climate.

I will keep you posted as to my progress.

Thanks again...

Heh mine concluded due to lack of equity with no extension even though it was written into IVA if money could not be raised !! the De minmus clause has been quited before on here dont get stresses use this energy to be productive and gain solutions xxxx keep posting xx