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Wote if I can't get a remortgage in year 4. Wote will happen will it go on for another year?

Welcome to the forum. Generally most IVA's stipulate a further years payments in lieu of equity, however every proposal is individual and you will need to read your IVA carefully to establish what is written in there. Also it may be worth checking with your own company for their policy on this issue. I was due to release £34k equity and ended up paying for a further year instead. In my case this was a financial godsend as my years extra payments came to just over £10k, in lieu of the £34k I would have had to re-mortgage for if I had been able. Be aware some companies are suggesting a secured loan if a re-mortgage is not available.

It normally depends on how much equity you have. If you have less than £5k equity (valued on a forced sale basis) then the IVA should be able to complete at the end of year 5. If you have over £5k equity it is likely that it will be extended for a 6th year.

Hi and welcome

What does it say in your paperwork? Ours specifically states that if we can't release the amount they are asking for then it will carry on for a further twelve months.

I emailed my company about this yesterday and they have not said that I must try and get a secured loan. Then again, there are alresdy three charges on my house so another one is unlikely, plus our ages go against us,

Hi Richard,

Personally, I am going to make my house look as much of a tip as possible come valuation time for the IVA (not that there is a huge amount of equity in my case). An additional year of payments will save bucket-loads in my case. (The thought of taking out a £30K loan for the duration of the mortgage term is worrying).

My reckoning is that with the knackered credit file that we will all have, the odds of getting even a small secured loan will be almost impossible.

That said, does anyone out there know of anyone who re-mortgaged successfully in these circumstances?