I have a current IVA with an agreed amount with creditors of 21. 000.
Up to date I have paid into the IVA 27400.
i have just received a letter from the IVA company saying bthat I will have to release equity in my property to settle the IVA.. s I've already paid in more than the agreed amount , is this correct ?
The standard way is to extend your IVA by another year's worth of contributions as you almost definitely won't be able to remortgage.
It's possible to also take on a secured loan instead but this needs careful consideration and is not often the best way to manage it.
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