I am due to make my last payment on Monday (YEaaahhhh) but have received today an Extension notice under paragraph 8(2) of the standard terms and conditions.
It is due to the PPI and states that they give notice to debtors and creditors that the iva is to be extended by 6 months as allowed. in order to allow time for anticipated funds to be introduced and time to finalise admin etc.
I telephoned my company up and spoke to a very nice gentleman who stated that they were waiting for the final confirmations back and because my iva was finishing next week they had to extend it untill they receive everything which they reckon is going to be in the next two weeks.Which is very good news.
However what he also said was that they could if needed extend it for a further 3 months but would have to conclude after that.
I wondedered for all those people who have been waiting well over 12 months if you could possibly use this as a form of argument to conclude the iva as it may not be lawful to extend after 9 months following the due completion date of the IVA?
Sounds like you have a good firm that are are actually abiding by their part of the agreement.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I have mentioned this on many an occasion -- and you have hit the nail squarely on the head. But we rarely hear back as to whether people use our advice and the eventual outcome.
As Lifenoteasy says, you have a firm who are, at least, abiding by their part.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My firm is the focus insolvency group based in wigan. Overall they have been excellent and sorted out queries and issues very quickly and thoroughly. Highly recommended.
The IP can extend by up to 9 months under the terms and conditions. Any further extension would likely need a variation and agreement of the debtor and creditors alike.
