www.iva.co.uk

I am currently 4 years and 4 months through my IVA. It is a 5 year with option to re-mortgage at end or an extra 1 years payments. I am advised that I will not obtain a mortgage ( £53000 owed on a £82000 house). I expect to pay the extra year, I have had no issues with payments so far and have contributed over £7000 in overtime payments also. My current monthly payment to my IVA is £495.00. My question is: What will be realistically my final year monthly payment

Hi, it will be assessed in relation to your disposable income, as in previous years, so, unless you have had an enormous change in income or expenditure, should be around the £495 mark again.

Agree with Foggy - it should be the same as you are paying at the moment.

Hi! Congrats on getting so far! The 12 additional payments would continue at an affordable level...it isn't about squeezing the full value of the equity into the extension. x

My additional 12 months payments are the same as my payment at the end of 5 years. If you’re thinking that 12 payments of £495 is much less than the potential equity release, I don’t think you need to worry. I pay £620 per month so will pay £7,440 over 12 months but my equity was £18,000.

We have to raise £28k between us so 12 months at £600 a month is a hell of a lot less!!

Niobe - you've hit the nail on the head. An extra year's payments is a drag but it is by far the better result financially.

Too right!! It will be a drag but I can see the light at the end of the tunnel now so I can put up with it.

Far better than having to take out a higher mortgage, and thus indirectly extend your debt repayments further into the future.