www.iva.co.uk

Hi all, I'm due to start my 5th year of my IVA. I have 90k equity in our property. The IVA is in my name nothing to do with my wife, also have a secured loan of 18k. I have a 5 year IVA 85% ltv etc,if can't release equity 12 month extension would be added. Reading previous posts people say it's very unlikely to release the equity??? Is this correct?? And people being forced to take a secured loan to pay off IVA. I've checked my paperwork doesn't mention about a secured loan!!! Could they make me take a secured loan even tho I already have one???.
I'm hoping just to have another 12 months added then I can put an end to it. G&T have claimed 10k back in ppi. My debt was 30k and I pay £259 a month. I had a statement from a creditor G&T only paid them £70 over the year!!! So I take it majority of what I pay G&T they take in fees????

Well done on reaching your 5th year ....hopefully an extension will be the route for you but you maybe asked about secured loan ...although I personally think this is wrong and goes completely against why you took the iva on in the first place ...to clear yourself from debt!

You have substantial equity and creditors could look for a remortgage to release some. This is in the terms of your IVA and the extension is not automatic. If you do qualify for a remortgage it may be cheaper to get a secured loan but you can discuss this with your financial adviser at the time.

Hi to add to the foregoing -- fees are usually at 15% as agreed in your paperwork (plus around £1750 Nominees fees). This has been agreed with your creditors and they are happy with what they get. Statements from creditors are often misleading as they often re-allocate delinquent accounts to different areas of the business and payments aren't reflected on the original account records.