Iva - final year equity release

jlaw4

Its not myself that has an iva so I don't know all the details but my partner does. Hes in year 5 and they've issued the equity release clause he started the iva with £30k of debt, they can't remortgage his house as he is in a very good fixed rate 
The house is worth about £350k with a mortgage of about £180k on it. 
Hes been offered a second mortgage or secured loan on £15000 for 27 years to make the payments 130 (half his contribution)
In my opinion he never needed an iva, just some simple debt advice but saw the adverts and thought this was a good way to go. He feels completely mis sold as he could've just remortgaged and paid it all off 5 years ago.
Hes refused the secured loan and now they're threatening bankruptcy can they do that? Even though he's never missed a payment?
What options might he have? The iva is with credit fix.
Can he continue it for an additional year? 
Any help is so appreciated.

sourcrates

Threatening bankruptcy ? did they just say that may be a result of failing the IVA ?

Because technically that is correct, however it doesn't happen normally, what about the extra year of payments as an alternative to a re-mortgage or a loan, hasn`t that been mentioned ?

If not why not ?

IVA`s are mis-sold by the ton, they are quite lucrative fee wise you see.

fatbelly

There are very few IVAs that end with bankruptcy. I once asked how many to an IP with Payplan - he said three or four per year.

So it's not impossible but just very unlikely.