believed I would finish paying in 5 years

3 posts Page 1 of 1
Post Reply
 
 

don_c

User avatar
Posts: 1
Joined: Tue Mar 04, 2008 1:49 pm
Location:
Post by don_c » Tue Mar 04, 2008 1:52 pm
Quote
I am already on IVA, I have completed my first year. I am now being reviewed for my second year, but my circumstances have changed. I am earning less and paying out more in household bills. I have been told that my payments will be extended for an extra year, so I'll be paying for 6 years in total. I was lead to believe I would finish paying in 5 years, is this right? Thank you for any help.
Top
 
 

Reviva UK

User avatar
Posts: 609
Joined: Sat Feb 09, 2008 12:02 am
Location: United Kingdom
Post by Reviva UK » Tue Mar 04, 2008 2:57 pm
Quote
Hi don c

welcome to the forum

The extension is certainly an option open to the supervisor. This is to reflect the fact that over the initial 5 year plan your contributions would now be less because your ontributions are less.

They obviously hope to make up the shortfall in the additional year.

The good news is that if your circumstances change again i the next few years you could well find yourself back to the 5 year total.
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists
www.revivauk.com
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Tue Mar 04, 2008 3:07 pm
Quote
Can you afford the payments the IP is suggesting you could pay off by extending for a further year?
Regards, Melanie Giles, Insolvency Practitioner
Top
Post Reply
3 posts Page 1 of 1
Return to “postings for march”