www.iva.co.uk

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.

Hi

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

Regards

Only if you have equity in excess of the 85% loan to value formula I assume? Check your proposal to be sure.