What happens if by releasing equity I repay more into IVA than I owe?

[ManOverboard]

Hi -

I’m considering an IVA and have been advised to do so by a debt agency.

I have a few questions tho;

I have around 31k unsecured debt and have worked out with the help of the debt agency to pay as it stands £400 a month

This equates to £24000 over the 5 years

Now I am fully expecting my pay to increase fairly significantly over the next 3 years, meaning I will be able to pay in more than the £400

This means that when I come to the end, I will be fairly close to the £31k paid back. I am aware that fees will be added on by the IP so that figure will be higher.

However, I have a property which I currently have some equity in and expect to have some in when it comes to year 5. If I can remortgage, and my equity EXCEEDS what I have left to pay - how does that work?

Is my level of debt, including the fees, locked at the start of the IVA and (providing I stick to the agreement) and I will never pay more than that?

Thanks

[Foggy]

The most you will pay will be the full original debt, plus fees and possible statutory interest. Sometimes Statutory interest is excluded and, in any case, equity release funds do not go towards it.