Dose an IVA always have to be over 5 years ?

[Phild1080]

Dose an IVA always have to be over 5 years or are shorter periods of time consider

[Judo]

Hi phil and welcome
An IVA does normally last 5 or maybe 6 years if your are expected to release equity.
An IVA can be conluded early by way of a Full and Final Offer which normally comes from a third party.
Are you in an IVA now or considering entering one?

[Pandy]

I have not heard of shorter ones apart from Full and Final to start or part way through, which means people will pay a lump sum agreed with the creditors through a creditor meeting and that is it, although the IVA will stay on their credit file for 6 years from the date of the meeting. Not heard of 1,2,3 or 4 years.

[Judo]

Or of course if you manage to pay back 100p in the £ plus fees before the 5 years then it would also conclude early.

[TheMatrix]

They are individual so can be over any term. The norm is usually 5 years

[Broke of London]

Hi...if you can repay your debts in less than 5 years a DMP may be more suitable. Give a few professionals a ring for some advice...a good starting place is www.iva.com xx

[Shining]

Hi Phil and welcome to the forum, the common term of an IVA I think is 60 months or 72.

However, I do know an IVA can be concluded early from various ways including a Full and Final settlement from a 3rd party or a windfall. Other proposals are written specifically for someone who has maybe a property to sell within a given time span. So many things it's best to talk with a professional for case specific advice.

If you're thinking of an IVA you may want to take a look at www.iva.com for a list of companies and some reviews of these, all your questions will be answered freely and by contacting 2 or 3 you will ensure impartial advice is given.

[kallis3]

You can do a full and final to start with if you have the funds but otherwise it is usually over five years.

Visit the link provided above though and speak to an expert - the advice is free and impartial.

[merrypotter]

Hi ours was 5 years initially howver after a review and us having to lower the monthly contribution payments we had to agree to a further year taking it to 6 years

[MelanieGiles]

They can be as short or as long as you like - so long as the creditors accept the terms. For contributions based ones 5 or six years is now the norm - but I did once work on a case that was targetted to run for 30 years, and actually supervised a 17 year IVA which I inherited from another IP - and eventually failed!

[no more cards24]

[:)]Hi we had 5 years but had to be extended to 7 years due to no equity in the house, So instead of 3 payments left we now have 27 hope it flys or we win the lotto

[brokebryn]

How does that work, no more cards? If you have no equity in the house, then you don't have to extend at all? That's my understanding of it.

[Foggy]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by brokebryn

How does that work, no more cards? If you have no equity in the house, then you don't have to extend at all? That's my understanding of it.

Not on earlier propsals, without a variation. Some older proposals specified a set amount to be realised and less than helpful IP's insist on sticking to it, or don't present the case to the creditors convincingly enough.