Background: We are currently into our third year of the IVA. A letter received from Grant Thornton stated that they would be extending beyond the 5 years to pay the outstanding debt balance.
Nature of dispute: After a detailed look-back we found that the IVA we agreed to was altered and agreed by us to pay at least 25p in the £. It was not explained to us when this alteration was added, that this would mean the timescale would most probably go beyond 5 years. In addition to this the estimated fees from Grant Thornton have increased from £8779 over the 5 years to £8808 at the 3 year anniversary. Again it was not explained at the outset that this sort of expense increase would or could occur, so again increasing the timescale needed to complete the IVA. Also with the extended time will come more expenses from the IP. I have written to complain stating these issues but have not received a response / explanation.
Dates of relevance: IVA started 02/09/2005.
first contribution 04/10/2005.
letter stating requirement to add 14 further payment to IVA 19/01/2009.
Date of complaint to Grant Thornton.13/03/2009
Contact names: IP Michael P Gerrard.
Assistant Jayne Moorman
This worries the hell out of me as a was told that they could keep extending the length of the iva.
seems unfair, are there any other factors that could make them do it that you havent told us about.
I have answered the original post on another thread. Marky b - creditors do not keep extending the IVA. An IVA may be extended for special reasons - ie to allow clients to pay over additioanl monies they may have earned and spent, or to avoid having to raise equity against their properties, but this is actually quite rare.
Don't believe everything you read, and trust your IP to do a good job for you.
I did not mean to alarm anyone just to inform and make sure people are aware that the IVA process is obviously not restricted to the 5 years as popularly advertised.
Nothing I have said is untrue so please believe it.
Our IVA is for five years, but I know that if we cannot remortgage, it will continue for a further twelve months. This is a common clause these days.
Otherwise, it is as Mel says. There have to be good reasons for it to be extended.
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
