There is no set maximum -- the term will be whatever is agreed at the outset. Normally a duration of 5 years is proposed, with the possibility of a years extension for equity. If NRAM are a creditor or if the dividend is expected to be low, a 6 year IVA will be proposed, again with the possibility of a years extension for equity.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Or if your proposal allows for a secured loan instead of equity your iva may complete after 5 years but you take with you that instead.
However we have seen no innovation how long it takes for the completion certificate to be issued in those circumstances.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
It really depends on your circumstances. As Foggy says the norm that creditors look to consider is 5 years however in Bankruptcy you make contributions from your income for 3 years and the costs are higher in BKY than IVA so sometimes you can have a shorter IVA because you are still matching or giving more to creditors than they would get if you were to go Bankrupt.
I do know of one IP whose client was signed up for a 17 year IVA! It did fail in the end though.
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
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
Unfortunately Lisa I don't have all the details - only the ones posted a long time ago by another IP.
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
A study from r3 5 years ago suggests that 10 years plus was becoming increasingly frequent.
You then factor in the move from DMP to IVA then people could have been in agreed, arranged debt for 15 years plus at least.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
We had a DMP from 2006 and then transferred across to an IVA in 2008 so although it wasn't a long one, it was longer than normal.
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
I think that all depends on whether or not you have a house to worry about!!
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
