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Please can you let me know what the wording should be on the IVA paperwork about the equity release because our paperwork doesn't mention anything about a 12 month extension.

...some lucky people don't have the '12-Month Extension' clause.

That should mean (although I do not know your exact t's & c's), that if you cannot remortgage in the event of having sufficient equity, then the IVA concludes in Year 5.

Hi there, I was under the impression that the requirement to extend the IVA in lieu of equity was part of the IVA protocol. Unless your proposal is not protocol compliant? Do you know which company you are with?

Thank you for your replies.

Drew please can you explain what you mean by 'protocol compliant'? Surely there would be some form of paperwork I would have to sign. Please note that we did not even told about a potential twelve month extension when we were applying for our IVA.

you don't automatically get the 12 month in lieu of equity claus.the protocol complient is not a separate document what it means is a iva that sticks to standard practices and is a known quantanty to both creditors and debtors when your proposal was drawn up.a set of rules if you like.cant remember what year it came into being but some iva from a while back were not done to any particular rules as such,so they was always done on a individual basis.if I got this wrong I apologise but that's the way I always thought it works.

Thank you for letting me know about the protocol clause but this came into play after we had signed our documentation. Looks like it was created in July 2008.

We would only be able to advise on this point if we had sight of your IVA proposals. I suggest that you contact your own IP for clarification on this very important point.

Thank you Melanie, i will call tomorrow and post the outcome on here. Hope it might help someone else in the same boat.