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Hi all, I am a returnee to this forum having been helped enormously with a previous query by Michael Peoples. I have an IVA(protocol) with the 85% equity release rule (no fixed amount stated)and just wondered what would happen in the extended 12 months with regard to my payments. It looks like we may have to make the extra payments and by then we would have increased our monthly amount by several hundreds of pounds because of paid off secured payments. It seems unfair that our 12 extra payments will be based on this amount particularly as it would have worked out cheaper to get a re-mortgage although we know we cant. Any advice on how things will be calculated would be very much appreciated.

Hi and welcome back, nice to see you.

If you can't release the equity, which is unlikely, then the extra 12 months will be based on what you can afford. If you have finished paying secured loans then this will be included.

It maybe that you can finish early if you can pay back 100p in the pound plus fees.

On the plus side - you will be finished after the extra 12 months and will not be left paying extra on your mortgage for longer.