entering the 5th year of an IVA

Plumsy_2

Hi,
We are in an IVA with Payplan. Our 4th review is underway. We were told that the IVA would last for 5 years unless we were made to re-mortgage. With the current property situation it is not in the IVAs interest to make us re-mortgage, plus when we tried last year we could not get anyone to give us a mortgage.
We have now been told there will be a meeting and we could be put into a 6th year of the IVA. Is there anything we can do to avoid this 6th year?
We have never defualted on payments.
Thanks for reading my message for advise

Deep_In_Debt

Hi
I'm not really up on all this and I'm sure someone will correct me if I am wrong, but I think the only way that you can stop it going into year 6 is if you are able to raise funds somehow in order to clear the remainder of the debt.

System

Unfortunately, if you read the minutes of the meeting you will find it does state that should you be unable to pay, at the discretion of the creditors, a sixth year is an option available to the creditors. It is pretty standard across the board with all IVAs I have ever seen having the same clause.

But, think of it this way. It is probabily a lot less to pay an extra year than raise the capital from the remortgage.