I am currently paying an IVA and pay a monthly amount. Having a property I will need to arrange a re-mortgate. With the financial market at present Banks are not lendng. If I cannot raise the lump sum on the equity, at the end of the 5 years what happens to my IVA. My IVA practitioner said that, as long as we have tried to raise the equity then the IVA will just finish at the end of the 5 years term,and we do not have to find a lumo sum is this correct.
Some IVA's have claus to say that if you cannot raise the equity, you will make an additional 12 payments into the IVA. Meaning it will last 6 years instead of 5. Double check your chairmans report to see if it is in their, otherwise double check it with you IP.
Now managed by Jane Clack - Payplan Company Representative
