It really does depend upon the terms of your IVA Jilly. IPs have no discretion to grant concessions outside of the set terms, without the prior agreement of your creditors.
Our IVA actually stated the amount of equity we had to release. The amount expected was written in black and white. However this did not come to fruition as we were unable to re-mortgage and our IVA was extended for a further 12 months in lieu.
Protocol compliant IVA's include equity to be released in the 54th month of the IVA subject to certain conditions. If no equity then no need to pay anything more into the IVA. If there is equity which cannot be released or no re-mortgage possible then in the main the IVA is extended for a further 12 months.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Kaykay - mine actually stated a figure that we had to release - we're now in the position of getting a valuation and already have the mortgage and secured loan redemption figures.
Having spoken to the company I have been told that it may not be the figure quoted in the chairmans report as the equity will have gone up.
