www.iva.co.uk

I have a house worth nearly £500000.00 I own the house on my own name. i am married and have three adult children.. I am in and iva at the moment. when I come to the equity realese in the 5th year,if I can remotgae (They say its not easy to remortgae) how much money will be going to the creditors
approved dividentat moc 9.00 revised estimated didend 9.78 total paid to date 7.11

You are unlikely to be able to remortgage so will probably have to do the extra year. Any equity released will go to your creditors.

During an IVA you always owe the full original debt, plus fees and possible statutory interest. The terms of the equity release clauses allow them to seek, from your share of equity, up to 85% of equity up to the total of that figure. This is subject to other limitations as detailed in your paperwork.

As Kallis says, currently it is nigh on impossible to remortgage ( but this could change -- which is why it is in there) and an extension of 12 extra payments seems likely. However some post 2014 terms also allow for a secured loan option and this might be the way your IP wants to go. In this case, as well as the limitations in your proposal, there are lenders limitations, which vary from lender to lender.

You almost definately won't be able to remortgage so suspect the one year extension will apply to you, unless you get a secured loan but suspect your terms will not have secured loan built in due to the age of the start of your IVA.