how long can a iva run

[gavin]

hi if my iva dos not go throw can i offer to pay it over a longer time ie 7 to 8 years so they get more in the £

[hara]

I am not sure, but I do not why not as the creditors get paid, better than Bankruptacy for creditors.

Hara

[Adam Davies]

Hi Gavin
The problem with extending the term is the extra IP costs,so most are set at five years with others at six if there is an agreement to pay an extra year instead of equity release.However all IVA,s are individual and there will always be instances of agreements that go against the norm.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

I don't feel that IP costs have much to do with it, as they are generally charged proportionate to the number of years or the amount of the contributions.

There is no set time period, and I can remember when they typically ran over 3 years to time in with bankruptcy proceedings. Creditors have pushed for 5 years as the norm, and the way voting is going at the momenet I think we will see six and seven year IVAs becoming more and more popular. They are still viable, if IPs are only going to be charging 15% of realisations, and often creditor loans are taken out over a similar period

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk