Thanks Andy & Melanie for the clarification. Melanie - I don't think that it is unfair at all, I fully expect to have to repay my creditors, I just didn't understand the IVA claims that you are 'debt free in 5 years'. You have confirmed my thoughts that because of the equity release clause IVA's tak...

Thanks freelili, While I may have the 30K equity at present, there is absolutely no chance of remortgaging in the current climate. But in 5 years time things may well have improved and in an IVA I would be expected to remortgage @ 85% LTV - this would release the required £30K and would mean that I ...

Hi, I am still trying to decide on my best option and I need help with the numbers. If I owe £60K and can afford to pay £500 per month into an IVA - that means I will pay in £30K over 5 years. I will then have to raise the remaining £30K by equity release. This will cost an extra £360 per month over...

Hi Firstly, a terrific site and a real help - that's what I need right now. In May 2007 I realised I had a problem £81K in debt to mainly Credit Cards and 3 unsecured loans. I decided to take urgent action and 15 months later, I have reduced the debt to £69K. However, the credit crunch has now hit m...