My husband is in an IVA already. He has been in it since 2009 (for sixty months) and it was due to finish this December (2014). He phoned up and was informed it had been extended by 12 months and would not now finish until December 2015. He has not agreed to this, but the company have said that he verbally agreed. The company said that no signature was required.
He will need to check his agreement to see if there was an extention clause in there. Sometimes part of the IVA agreement is a potential release of equity in a house towards the end of the IVA, and if that is not possible, then the IVA is extended for a further 12 months
If there is nothing like that then he needs to talk to his IP. If they say he has verbally agreeded to this, then I would think the burden would be on them to prove he did, but I am not a legal person so I am sure someone csal clarify that
There are 10 kinds of people that understand binary, those that do and those that don't
It is possible that there is equity in the property which cannot be raised and this would have been agreed when the IVA was approved at the start. If he is in doubt he needs to speak to his own IP and ask where the extension is coming from.
Definitely worth checking the proposal and chairmans report to see if equity clause contained and further 12 months mentioned .... His IP should be able to direct you to the area of the report that it is in
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There is a solution for everyone .... Just need to stay positive !
All agreements should be evidenced in writing, so if the IP cannot prove that your husband did agree to this, then he may have a point - but this could result in the IVA failing.
