Iva - release equity

DorisTrousers wrote: »

In the unlikely event, and it is unlikely, that you are in a position to obtain some secured product or other, then there are additional safeguards built in for you as well.

These are that any new product cannot extend beyond the remaining term of your existing mortgage. It cannot take you past state retirement age, and you cannot be expected to pay any new product more than 50% of the IVA payment that exists at that time. If still feasible, the remaining IVA payment will be reduced by the equivalent amount and the IVA will conclude at 5 years instead of 6. In all likelihood, and given how the above safeguards will like as not shrink available products still further, it is very likely to be 6 years rather than 5.