www.iva.co.uk

First payment due by december 15th, I am concerned about the remortgage threat at the end of the term, will I have to pay back more that the 29p in the pound that has been agreed?

Hi,

This is something which you should have addressed before agreeing your IVA.

You will have to try and remortgage if that is what your IVA states.

You will always open the full amount owed to your creditors until the IVA has been completed.

The equity clause is not so much a threat as your agreement to repay as much of your debt as you can afford. Ivas are a vehicle for repaying your debts rather than writing them off.

It seems odd that you are raising this query so early into your IVA. Did your IP go through the proposals with you carefully before you agreed that this was the right solution, and was the equity release provisiom fully explained to you?