extensions

Get expert opinion. This is the place for new questions to be posted.
22 posts Page 1 of 2
 
 

darth-skint

User avatar
Posts: 136
Joined: Sat Nov 20, 2010 8:00 am
Location: United Kingdom

Post by darth-skint » Mon Nov 22, 2010 1:26 pm
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!
 
 

liamjames

User avatar
Posts: 734
Joined: Mon Jul 27, 2009 9:58 am
Location:

Post by liamjames » Mon Nov 22, 2010 1:29 pm
Hi Darth,

Yes, most definitely.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

darth-skint

User avatar
Posts: 136
Joined: Sat Nov 20, 2010 8:00 am
Location: United Kingdom

Post by darth-skint » Mon Nov 22, 2010 1:30 pm
crikey. That's not very nice.
F&F accepted Feb 2011

Live in the moment.
Living in the future in your head means you live on fantasy and fear!
 
 

liamjames

User avatar
Posts: 734
Joined: Mon Jul 27, 2009 9:58 am
Location:

Post by liamjames » Mon Nov 22, 2010 1:45 pm
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!
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Mon Nov 22, 2010 10:00 pm
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.
Regards, Melanie Giles, Insolvency Practitioner
 
 

leaKybrain

User avatar
Posts: 1102
Joined: Tue Apr 01, 2008 10:12 pm
Location: United Kingdom

Post by leaKybrain » Mon Nov 22, 2010 10:57 pm
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
 
 

Broke of London

User avatar
Posts: 7761
Joined: Sun Sep 05, 2010 6:04 pm
Location: United Kingdom

Post by Broke of London » Mon Nov 22, 2010 11:12 pm
Definitely know I couldn't live like this for 17 years! Would have been br for me. Seems like a life sentence.
 
 

kallis3

User avatar
Forum Expert
Posts: 77176
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Nov 23, 2010 6:30 am
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
 
 

darth-skint

User avatar
Posts: 136
Joined: Sat Nov 20, 2010 8:00 am
Location: United Kingdom

Post by darth-skint » Tue Nov 23, 2010 4:55 pm
17 years??
It's a strange strange world.
F&F accepted Feb 2011

Live in the moment.
Living in the future in your head means you live on fantasy and fear!
 
 

liamjames

User avatar
Posts: 734
Joined: Mon Jul 27, 2009 9:58 am
Location:

Post by liamjames » Tue Nov 23, 2010 5:29 pm
When the Insolvency Service released figures last year I noticed that 2 IVAs accepted in 1988 were still ongoing after 21 years.

Bizarre, but I'm sure they had their reasons!
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

User avatar
Forum Expert
Posts: 77176
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Nov 23, 2010 7:24 pm
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
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Tue Nov 23, 2010 10:55 pm
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!
Regards, Melanie Giles, Insolvency Practitioner
 
 

ChChing

User avatar
Posts: 11
Joined: Mon Jun 23, 2008 4:40 pm
Location: United Kingdom

Post by ChChing » Wed Nov 24, 2010 10:13 am
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
 
 

kallis3

User avatar
Forum Expert
Posts: 77176
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Wed Nov 24, 2010 5:20 pm
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
 
 

Broke of London

User avatar
Posts: 7761
Joined: Sun Sep 05, 2010 6:04 pm
Location: United Kingdom

Post by Broke of London » Wed Nov 24, 2010 8:06 pm
I can see lots of ivas lasting six or seven years...it only takes payments in lieu of equity and a couple of payment breaks to rack up the years.
22 posts Page 1 of 2
Return to “Ask IVA Forum and Industry experts”