I believe that was mentioned previously, and it is certainly in my proposal that if less than £5000 then the house is removed from the IVA and it ceases.
Check your proposal kabby, and if you are still not sure, speak to your IP as they are the ones who know the full details of your case.
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
Ours was written in that if less than £5000 it is taken out, and I know Melanie has said this before. If I did mention any legislation I've forgotten what it was!
If you only have £2000 then obviously you can't remortgage.
Hopefully Melanie will pick up on this and confirm or otherwise.
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
The answer will lie in your own proposal - we cannot possibly give you specific advice without sight of your documents. Have a read through the IVA proposal and Chairman's Report to see what is mentioned about the property, and if you are in any doubt at all either phone your IP or post the relevant sections on the forum so we can advise further.
IVA proposals are tailored to the individual, adn it is not right to rely on what is said in someone else's case I am afraid.
Fingers crossed when you read your proposal that it says if less than 5k equity the IVA shall end after month 60. remember though that if it extends for a further 12 months this is probably cheaper and less painfull that a remortgage,which could take many years more to pay off.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I've just picked up from another post that you have been in your IVA for four years. In which case, the provisions that everyone has been talking about on this thread are probably not applicable, as they were only introduced in February 2008.
