Best thing to do would be to speak with your IP, but then you would be questioned as to how you would raise any F&F
If you do you will be looking at a 12 month extension ( assuming it remains practically impossible to remortgage ).
If you make a F&F offer it will be based on your remaining payments multiplied by the monthly amount. If you are going to trigger the release clause you will have to add 12 payments to this. If you do not think you will trigger the clause you will have to prove it to your IP.
Then consider your options - the norm is to extend your IVA for a year.
You might find this quick video I made useful:
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