Can an IVA be extended beyond 60 months?

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fiona.a

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Post by fiona.a » Tue Jun 24, 2008 1:16 am
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Can an IVA be extended beyond 60 months? If so, in what circumstances?
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Viki.W

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Post by Viki.W » Tue Jun 24, 2008 1:30 am
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Hey Fiona, welcome to the forum. An IVA doesn't have to be for 5 years for a number of reasons. It really depends on your situation, an expert will be along shortly to explain. Viki X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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plasticdaft

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Post by plasticdaft » Tue Jun 24, 2008 6:55 am
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I think one of the oracles(thats you Melanie) on the forum has mentioned(albeit exceptional) that she is supervising a 17 year IVA,so yes they can run beyond 60 months,for various reasons. Best speak to an expert though.
Discharged today the 8th feb 2012. View is much brighter now.
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angela18

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Post by angela18 » Tue Jun 24, 2008 6:56 am
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i'm sure there has been some accepted over 6 years on here also..
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

if you wish for a rainbow... then you have to put up with the rain xx
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size5

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Post by size5 » Tue Jun 24, 2008 8:36 am
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Good morning.

All of the above answers are true and there are many and varied reasons why an IVA may not be 5 years. If you are already in an IVA then it is best to speak directly to your provider if you are worried that you cannot meet the contributions, for example.

If you are at the stage of thinking about an IVA then you need to speak to a professional directly about what your options are in reality.

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Destiny

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Post by Destiny » Tue Jun 24, 2008 4:10 pm
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My IVA is 6 years instead to replace having the fourth year equity release clause.
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MelanieGiles

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Post by MelanieGiles » Tue Jun 24, 2008 9:09 pm
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Yes - lots of reasons for extending IVAs, the main one being to ensure a maximum return to creditors.
Regards, Melanie Giles, Insolvency Practitioner
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shazzles

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Post by shazzles » Tue Jun 24, 2008 10:22 pm
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Hello
As some have said, my iva was extended to 6 years to improve my return to creditors. Hope this helps
8 down 65 to go!
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