The original agreement was accepted on the basis that it was extended 12 months to 72 months, I assume for no other reason than to pay more back into the IVA
My property is worth £150k, and i have a mortgage of £138k.
So potentially even though I think unlikely equity can be released, with worst case of an additional 12 months my final payments would be approx £3400 - so i could potentially put an offer to them of £3k?
OK -- so, in effect it was a 6 year IVA (usually done to increase the dividend, especially if a creditor was NRAM / Northern Rock). So, yes, it can be extended to 84 months by the action of the equity release provisions.
Aperture have, in recent years, taken an unusual approach to equity calculation and did use an inventive interpretation, contrary to the one usually used and outlined in some proposals in annex 6.
The way most would do it would be £150,000 x 85% = £127500 ... with an outstanding mortgage of £138k ... negative equity, no extension triggered.
The way Aperture have used would be £150,000 - £138,000 = £12,000 x 85% = £10,200. Equity clause triggered ..... but ...... The £5k trigger is your share
of equity. So, if the IVA is in your name only and the property in joint names, your share would, here, be £5100 --- just
over the trigger. Get that valuation, credibly, a little lower and even here you could fail the trigger.
Anyway ----- assuming the trigger applies and the 12 month extension means payments due of £3400, then an offer of £3000 should be looked at seriously.