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We have a clause in our IVA stating that in year 5 we must get quotations for a remortgage and if this fails we have to pay an extra year of payments.

The IVA is stressing me out I have a constant fear of not meeting the IVA and being made bankrupt. We have good equity in our home. Can we re-mortgage in year 3 or will we be held till the end of year 5 clause in our contract?

Unlikely that creditors will accept an early settlement now, as they could get a further two years payments out of you and then perhaps a higher equity release. This should only really be attempted if your circumstances have changed or you are struggling to make the payments.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk