www.iva.co.uk

is it normal for the ip to request payment before creditors meeting and for a requirement to re mortgage and pay a further amount at the end of the 5 years

It's certainly normal to request that the available equity in a property is assessed towards the end of the arrangement, and depending on the level of equity available a remortgage or extension to the arrangement may be required.

Some will ask for payment before a meeting, some won't. If any payment is refundable in the event of creditors rejecting the proposal then that seems fine to me, so do ask the question.

Regards.

We will usually ask for the first payment to be made in time for the meeting and refund the money if the IVA is rejected. However we will not hold up the meeting if the client has not got the money.

The equity release conditions are standard throughout the industry although very few clients currently can raise equity and instead have their IVAs extended by a year.

The first of the agreed payments is often held on account, simply to start the IVA as soon as possible. If the IVA is rejected it is returned. If it is not available ( as is often the case) it isn't a deal breaker as long as the first payment is made within 28 days.

The equity release is, as said above, a standard requirement.

If i paid 3 months of payments of £250 (£750) before my iva started, then paid the term of 60 months of £250 , would i get the full amount of £750 back at the end of the iva.
I recieved £350 back but they said the other £350 had been used to pay dividends to the creditors.

It is unusual to pay any payments, other than the first one, before the IVA starts. If this does happen it is usually to cover fees.

thank you
i did pay a fee again for 3 months before the iva started think it was £700.
Inbetween paying this referal fee and the iva being agreed i paid 3 months of iva payments, then of course i paid the term of the iva,
so i paid the referal fee and then 63 months of a 60 month iva , that is why i got a partial refund.