Can the IVA supervisor extend the IVA for a period of 3 months because of outstanding PPI issues even though we will have completed all voluntary payments as requested
The IVA can be extended according to the terms agreed in the arrangement. I assume you are talking about the admin period after the last payment.
In mine they could extend twice, once by three months and once by 6, upon giving notice.
Many arrangements go longer then this without completion and I would assume they are being extended beyond, or not in accordance with the agreed terms ( but so far this has not been challenged ) or that the IP is relying upon the fact that, while assets are outstanding the admin period has not actually started (there may be something in the relevant regulations that covers this, I do not know).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
