Hi,I entered into an IVA with the Mrs after falling into Insolvency.
We were advised to wrongly with the idea to sell the property in the first year instead of the final year of the IVA.
We tried to remortgage which is impossible.
Firstly, try the complaint to your IP to start with. A solicitor is going to cost you and you won't be able to afford it.
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
It is possible to ask your IP to ask creditors if they would agree to moving equity release to the final year --- but I do not understand why this was in your agreement in the first place -- it is not a standard R3 condition, so, I am guessing, creditors asked for the modification and you agreed to it.
There is something more happening here that we do not know about, so cannot really comment ... but I have never heard of equity release being moved from year 5 to year 1, or for the selling of the property to be demanded. One of the main points of an IVA, for those who own a house, is that the house does not need to be sold. This is why many homeowners chose an IVA rather than going bankrupt voluntarily.
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