www.iva.co.uk

I am half way through my IVA, but struggling to get by. I have however got equity in my house. Is it possible to release some of the equity while still in an IVA with a view to pay off the remainder of the IVA in one lump sum. If so, would this be equal to the remaining payments left or would I have to pay the amount of whole debt (my equity would not cover that however)
Many thanks

You will have to release equity, in any event, towards the end of your IVA anyway, so it could be ticky. However I know that Select do a product ( or at least used to) specifically for this sort of thing, so it might be worth having a word with Shaun Vickery.

His details can be found here: memberlist.php?mode=viewprofile&u=22837

Hi Julie. Yes, it's possible, depending on your own circumstances. You wouldn't necessarily need to repay the full debt as long as the offer is sufficient to tempt your creditors into accepting it. The remaining contributions plus an additional amount for the equity release clause is generally a good starting point. It's something we are regularly involved in and it's always worth checking your options to see whether it's beneficial in your situation.

You could put forward a full and final modification to vary the IVA based on IF accepted you will release equity to the value of the remaining contributions and assets let in the IVA (including a years extension for the equity clause).

Whether or not you will be able to release the equity is another matter - speak to Shaun.