I think a lot of them are now tagging on another 12 months so that if you cannot do an equity release, you will at least pay more to your creditors.
I think NR do it quite a lot.
Don't know about the expenditure though. My gas and electric are less, even though we told them what we were paying. Fortunately we are managing to pay it at the moment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It will depend upon your circumstances - as kallis has said certain creditors want a longer term especially if the loans have much more than 5 years to go.
Do we shuffle the pack? NO.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
We are repossessed and so have no equity to release yet have a 60 month term. I consider ourselves very lucky given the recent postings on 72 month IVAs.
Although ours is 60 month, I imagine we will be doing the extra 12 months (even though my signature doesn't reflect this!) as I doubt we will be able to remortgage due to age.
I don't particularly like the idea, but it's a small price to pay to be debt free at the end of it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Our term is 60months but we expect it to go to 72 months as there is hardly any equity in our house never mind in 5 years. But i cant complain at keast we will be debt free then.
Surely most creditors will push for longer term IVAs to get a better return,with or without equity releases.
I firmly believe Ip's will juggle figures to help with the acceptance process of IVA's,after all its in their best interests to make sure you get accepted given that they will be getting paid by you for a considerable length of time.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Mine has gone to a 72 month IVA, as I lost my job, but got a new one, however cant afford the original contributions of £313 for 60 months, so Freeman Jones are suggesting £160 for 24 months then £290 (when car hp expires) for 48 Months. Apparently the creditors get more that way.
We are in a 72 month IVA, but our main creditor is NR, so we were warned about this. I don't mind though, 'cos it's a drop in the ocean when I look at the overall picture of what we owed. I just look forward to July 2014. Kazzy x
There is light at the end of that dark tunnel. Promise.
Hi Fuzzy
I think your IVA has been increased to a 6 year so that your dividend is higher,I would guess that a normal 5 year one would have given a dividend below 20p.
Just make sure that your overall expenditure is realistic,six years on a tight budget will seem like eternity
Regards
ive gone through the proposal several times now and the i&e seems pretty fair (it is less than i am paying on a dmp )
there no mention of this 50% overtime clause is this just a mandatory thing or is my ip trying to get this through without it ?
tbh
my pay is very rarely the same each week and it looks like they have taken an average of the payslips submitted
It wasn't mentioned on my proposal, it was a modification when the creditors meeting was held.
As the chances of me working overtime are scarcer than hens teeth, I had no problem with it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think that 72 month IVA's are becoming more the norm. Our proposal is for 72 months as our IP said the creditors will probably insist on this as our dividend return is quite low (abojut 20p in the pound). Northern Rock are one of our creditors and I have heard they can be very difficult.
We have just got to hope that they are sympathetic on the day of our meeting as we have put forward our very best offer and the only other option for us if our IVA gets refused would be bankruptcy.
Six year IVAs are definately still the exception and not the norm. So far as I am aware there is only one creditor who like to see six year IVAs, and then only if a certain criteria is not met.
