In the final year of your IVA, your creditors may ask that you attempt to release some equity from your home, if you are a homeowner and if there is available equity. If there is equity but you cannot re-mortgage, you may have to pay an additional 12 months’ contributions.
You can learn more about this in the Equity Clause within your proposal or by calling our team.
When you do make your final payment, we will then contact your creditors for agreement to close the IVA and issue you with your Certificate of Completion. This process usually takes between 3-6 months.