www.iva.co.uk

Hi all.
I am in the final year of an IVA. As such I have been advised that it has always been a term of my IVA that as we approached the end of the arrangement, if there was equity in my home, I would have to remortgage.
There isn't. My home is worth c £125,000 and the combined liaibility of my mortgage and secured loan is £135,000
What I am not sure of, is whether my creditors can put any sort of future claim on the property that would mean if the value ever did exceed the liability, which it may do as my mortgage and secured loan are paid off, the could make a claim on any future equity.
Having met all my payments I just want to start afresh after 5 years, and Im concerned my agreement could stretch beyond the 5 years now.
Any advice gratefully received.

When the equity is addressed, usually in month 54, either there will be equity, which will be dealt with by release or extension, or there will not be any equity, at which point the property is excluded from the arrangement and there will be no further call on the property with regard to equity release.