I started my IVA in March, My total debts where
28,200, and over the 5 years I will pay back 27,120, this leaves a short fall of 1080. I have just received a PPI pay out of 1082, which will go straight to my creditors, and reducing my debt, I would like to know if I have re-payed my debts over the 5 year term, will I be required to release money from my house, or pay for a further year.
You will need to factor in your Insolvency Practitioner fees, so the max you could repay will be your original debts, plus IP fees and possibly statutory interest.
I think you will have to either release equity or extend your IVA if you have equity in year five
