If an IVA is extended due to unforseen circumstances ie unemployment), can it be extended further for the usual reasons (equity, assets) taking it to "7" years? [:0]
F&F accepted Feb 2011
Live in the moment.
Living in the future in your head means you live on fantasy and fear!
It will only be extended if that's what you want, or if you are asking your creditors to amend the terms and an extension is the only way they will allow that.
It's very rare that an IVA is extended this long, but it's much better than your IP failing your IVA at a late stage just because you were temporarily off work on long-term sick leave!
I used to have a 17 year IVA in my portfolio - inherited I have to say as I would never have proposed it myself - but there are no set timescales - we may even see the general term extending in future past five years.
wow 17 years, mind you i remember seeing once on tv that if you only paid the minimum each month on a £1000 credit card it would still take a lifetime to pay off. 17yrs still better than that
I believe that Mel posted recently that that particular IVA ended up failing after a few years.
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
It's all down to individuals and their circumstances.
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
And why not - if it suits both debtor and creditors who is to say that this is strane at all. I am sure a total solutions company would not balk at putting a client into a DMP for 21 years - I see it regularly!
An IVA would only usually go on for that length of time if there's a minimum div involved. It's unlikely that you'll see many VA's around these days which are over 6 or 7 years........
Of all the things I've lost, it's my mind I miss the most
As previously stated, it's all down to individual circumstances. At least it means you won't be pestered by creditors over that period as can often happen with a DMP.
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
