Please could someone answer a question about the length of time Iva's can run and would i be within my rights to challenge mine since a positive change of circumstances.
Originally in 2006 our IVA was agreed at a 50p in the pound dividend- as we all know life has its ups and down and in 2007 because our mortgage fixed rate ended our payment went up by a lot. After a variation our Iva was extended to a further 12 months. Now after a promotion and the fact my mortgage has just gone down by £200.00 per month i will reach the 50p in the pound as the original proposal stated.
Should i ask IP if we can finish at 5 years, if so what do you think my chances are. Reason being the same as many other people we have worked so hard to make this work if and faced so many obstacles we only had two years left(instead of three) it would be such a great feeling!!
Hi
Well worth having a conversation with your IP and asking the question.It could be that towards the end of year five your IP will call a variation if it looks as if you will make the 50p mark.No point them doing it now just in case, as you put it, things happen and you have to reduce your payments again.
Regards
Hi. Andy is correct that there is no point in doing anything yet. But also, check the variation as it may have extended the term of the IVA to six years'or until a dividend of 50p was achieved'. This would allow the supervisor the discretion to close the IVA after five years.
