Would be be forced into another year on the iva

[wardy]

my husband entered into an iva 3 years ago. All debts on the iva were in his sole name and ammount to roughly £60.000.
Our home was valued at 85.000 as it is an ex council house. On the paperwork it states that equity release would be £15.000.
My question is, what if after the 5 years we can't get a remortgage for that exact ammount? Would be be forced into another year on the iva (which is a nightmare) or would a reduced settlement be accepted?

[MelanieGiles]

Hi wardy and welcome to the forum

If you were unable to get a re-mortgage for the amount required, then your supervisor ought to call a meeting of creditors to ascertain creditor views. At this stage, it may be possible to offer either some additional contributions, or a lower lump sum settlement depending upon your circumstances.

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