My IVA is 6 years

[lou2007]

I took out an IVA in Feb 2007 I had debts of 22,000. My IP advised me to pay £268. per month but it would be for 6 years. At the time was completely stressed out and just agreed with them.After seeing all the recent adverts etc I notice people being offered IVA with much higher debts for less money and only 5 years. Is this correct or can I look at changing my IP to a different one.

[sonyse2t5]

Lou,
I just did the sums and I understand your concern??? The six years IVA? I am not sure why as the only other possibility I have read else where is that there is no EQ release on the 4th year - a person may then have a Creditors variation meeting andyou COULD be asked to do the extra year..but that is not a norm.

If you are paying 100% to an IVA with little written off is still a good IVA. But why 6 years? Did you creditors insist as a modification? Ask you IP

[iva experts]

Hi Lou,

I hate to ask this but are you sure that you are in an IVA? I only ask as with debts of £22K and a D.I of £268 you could pay all the debt back in almost 7 years on a DMP.

Usually an IVA will go for 5 years, unless for different reasons like you have a property where equity will be released in the 4th year to complete the IVA etc.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[bagpuss]

i was just thinking the same thing..x

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[Adam Davies]

Hi Lou2007
You will not be able to change our IP.
Even with paying over six years you will have the certainty that your creditors will not add interest and you will still have a large part of your debt written off.It could be that you had to meet a certain minimum dividend figure and this is why it's set over six years.
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