At the end of an IVA, or so we thought, currently paid the full 5 year term and got a letter saying no further action required.
Now they are saying we have to have house valued and any spare equity they have claim to. Only one year left on mortgage so a far bit.
Do I have to sell the house? Or do I have to take more debt on ? Which would be ironic as IVA supposed to help clear debt
No you don't have to sell it. Get it valued - you don't have to take a secured loan if you don't want to and you should just continue on for a further 12 month in lieu of that equity.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk