At wits end, extremely depressed and scared. IVA Co. making me pay lump sum to release equity.

[Deborah.mn]

I have been paying my IVA 5 years February 2014 and still paying it as I thought I could pay a further 12 months but now the IVA company are deciding if they will allow this is as I have a little equity in my property! probably around £15,000.00 they are going to make me remortgage through one of their credid finders to pay a lump sum.
I am at my wits end extremely depressed and scared of my future.

please please someone help me and tell me my rights if any.

Regards

Debbie

[Foggy]

Hi Debbie. The answers to all of this will lie in your paperwork. What, exactly, does the equity release clause say ?

Are they making you remortgage, or, more likely, are they trying to make you take out a secured loan ( they are not the same thing!) ?

Have you had a professional valuation done and obtained a settlement figure from your mortgage lender, to correctly establish the amount of equity ?