Sorry that you're not happy with your iva.
You will always owe 100% of your debts plus fees until the end of the iva and the PPI claim will just mean that your creditors get a better dividend. As regards the equity release, you are highly unlikely to be able to remortgage so your iva may well carry on for an extra 12 months. Check what it says on your paperwork.
We do have a poster from DFD on here, hopefully he will pick up on this.
The terms of the IVA which appear to be now troubling you, were the ones which you did agree to at the outset, and you only ought to need to extend the IVA for equity purposes if you fit the 85% loan to value formula.
Be proud of what you have done over the last four years or so, and look forward to a much brighter future.
Thanks for your reply. I did say to them when I asked the question will it make a difference to my creditors that is why I was astonished at the reply. I agree with your comment about the equity and I was well aware of it and did agree to it, can't get away from that. Now the time of completion is getting closer I am getting a little more nervous about it. I am pleased that something is being done to help me out, but a few concerns have crept in over time.
a) As we were unable to re-mortgage a variation was put forward to creditiors... remove the property from the arrangement and extend for 12 months. Positive to this - Will not be paying a higher mortgage for the next 25 years.
b) Was due to release £34k equity... ended up paying extra 12 months total of an extra £10.5k - positive a saving of approx £24k
c) Creditors received more from me in an IVA than they would have if I had been made bankrupt - positive Head held high for doing my best, and a debt free future to look forward to.
I know life in an IVA is a struggle, but the feeling and brighter future you have at the end, far outweighs the struggle for 5 to 6 years.
You are really close now (I know it doesn't feel like it sometimes). Good luck, I am sure you will get there and come out the other side with a much better outlook on life and your debt freedom.
Firstly, apologies for the late response - I am only catching up on these posts after the Easter break. I would like to echo what has already been mentioned in that you have come a long way and indeed there is light at the end of the tunnel. If any of the advice we provided did confuse you, I do apologise. If you do need any assistance either now or in the future, please dont hesitate to let me know and I will be more than happy to help.
My contact details can be found in my profile.