% of IVAs that actually complete?

KJG123456

I am looking to take out an IVA I have around £50k worth of debts excluding my mortgage. I have looked at DMPs but I would have to take this type of arranagment out for about 17 years to clear my debt and at age 53 this does not see like a good option. I have managed to ask some of my creditors to reduce the payments but some will and some will not.

I have been told that its all or nothing with IVAs and DMPs and that I cannot leave some debts out of an arrangement. I have read that I could take out time orders through the courts to extend the term of the loans but cannot seem to get any clear answer on this. I do have equity in my house and cannot understand why I would be asked to remortage after 4 years with an IVA when the equity is available now. Another concern I have is that whilst It would be unlikely I could remortgage anyway due to my age and income in 2 years time I could qualify for equity release Can an IVA make some one go down this route.

Thank you

FoggyBrain_2

Hi there KJG123456. Re. the equity clause and remortgaging. You are asked to look at re-mortgaging at the end as, if you did this at the start, your disposable income would be reduced by the amount required to re-pay the re-mortgaged amount, and therefore, your repayments to the creditors. And, yes, if you have agreed to release equity the creditors will expect you to honour your agreement. Generally, if unable to release (assuming your proposal is drafted this way) then you make an extra 12 months payments instead. This often works out cheaper for you in the long run and doesn't leave you with another long term loan hanging over you.