Your iva will end prior to the proposed end date if you have been able to pay 100% of your original debt, plus fees and potential statutory interest.
Equity release will only be taken if you have not reached this.
Your credit file will remain effected until the 6th anniversary of your start date to your iva, however would be amended to say iva completed and creditors would update their credit files to reflect payment made and cleared.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
As Luluj says -- the IVA will cease if you hit that figure of repaying the full debt, plus fees aand statutory interest (which is excluded in some cases) earlier than the anticipated end date.
On a debt of around £27k, you would be looking at something like £6k in fees. Adding in statutory interest, you would be looking at an additional £8k or £9k over the 5 years (probably a bit less as it will, in reality, be calculated on the reducing balance). So the magic figure would be around £ 41,000 to see the arrangement end early due to full settlement of the debt.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk