If a homeowner you are contracted to attempt to release equity towards the end of the arrangement. If unable to do so then the arrangement will be extended by 12 months instead.
So -- if you have enough equity and are able to release it you have to.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014