www.iva.co.uk

I am on my 62nd month of IVA payments and my agreement say 68months in total. I have now been asked to value my property etc to release payments and if this doesn't happen I will be required to pay for up to another 12 months bringing the total up to 80 months - is this allowed? I thought that after 5 years we try for a re-mortgage and if this isn't visable then up to another 9 months?

Hi and welcome.

Equity release is normally to try and remortgage and if not then an extra 12 months is usually what happens. Bear in mind that yours was not a standard IVA so equity release would probably have been asked for after the five years was up. Check your paperwork.