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hi i am in the final year of my iva and have read in my t&cs that i have to have my house valued for any equity, however the wording is all jargon to me so can anyone please explain in simple english what is required at the end of payments. thank you clive

Hi there, usually in month 54, a valuation is completed of your property, if you have equity above what is stated within your proposal you will be expected to attempt a remortgage which is virtually impossible. Some IVA's state if you can't remortgage then you may pay additional payments for 12 months in lieu of equity, others do now have a secured loan element within, do check clearly and discuss with IP. If there is no equity your IVA will conclude.

Discuss in detail with your IP who will be able to give case specific advice.