As IVAs are individual the amount of time which one can last is indefinite. However, the majority of IVAs last for 5 years and it would be unlikely to find an IP who was willing to propose an IP for any longer than 6 years. Their are many reasons for this such as the practicality of having light at the end of the tunnel, which would be diminished of the IVA was to last for a long period of time. Another problem is the cost of supervising the IVA. IPs will charge c £1,000 per year to service an IVA, if you only have a D/I of £100 then the money left for your creditors after the IP costs have been taken will be minimal meaning that you will need to pay forever to reach the required minimum return. The lowest D/I that can usually be accepted (without mitigating factors like equity releases, pay increases and asset ssales) would be c£200 / month.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
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