when i started my iva 18 months ago they told us that we would have to remortgage 4 years into it but we have got no equity on the property what is going to happen now
Hi Laura
This is something that has effected many people currently in IVAs. If your concerned, the best thing to do is speak to your IP. They will be fully aware and understand your predicament - all be it, its not something you could control.
The terms of your IVA should provide the answer to what happens if there is no equity - but I am assuming that so long as you can demonstrate that you have explored the possibility of raising equity then you may not have to do anything. As Declan says, a quick call to your IP ought to sort this out for you.
You may find that come the time to remortgage there is equity in your property. If you are on a repayment mortgage, not interest only, you will have paid off some of the capital.
