www.iva.co.uk

Im in my 5th year of my IVA as over the phone I agreed with paying an extra year instead of releasing equity from my mortgage. I have been sent a letter to ask me to send in mortgage redemption figures and a house valuation. When I phoned to check this I was told that I had signed the paper work to agree to this when the IVA was finalised. When I re checked the paper work she was wright. I had missed this when signing as I know this was not what was discuses on the phone. As I would never have agreed to an extra year and re mortgaging. At the time I was desperate to get the IVA in place and did not read everything thoroughly.But I am sure what was explained to me on the phone. What can I do now.Also if I release what little money is in the mortgage it will put me right back to square one .

Don't panic,Samantha. They will only consider 85% of the total value of your house. The value of the house from your local estate should be of Quick sale quotation.And if the equity is less than £5000, they wont extend your IVA.

the above advice is, of course, dependent upon what your actual proposal states regarding equity release, The devil is, as always, in the detail.

I suggest you get a cup of tea, sit down with your paperwork and have a good read. Your IP and creditors are as bound by this agreement as you are, and cannot act outside of the agreement.