A friend of mine has recently applied for Iva ..for all intents and purposes it has been agreed ..initially it was for 5 yrs , now he is being told it's got to be done over 6 years ..is this Legal as he thought 5 yrs was the maximum time ..
If this is correct ..could he contact his creditors himself direct To clarify the extension is there wishes ..as the monthly amount is remaining the same as it was over the 5 yrs
There is no time limit for an IVA and most these days go on for six years if you own your own house and have equity as you will have to try and remortgage.
He should not contact his creditors directly but discuss his concerns with his IP company.
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
It depends on whether there is a property involved, whether NRAM is a creditor, where the level of return is so low that only 6 years makes it viable etc.
Without knowing the full circumstances we can only really say that 6 years is a possibility.
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.
As above, an IVA can go on for whatever time is required to complete it. As for whether it is the creditors wish , the Chairma's Report will detail who asked for what at the meeting.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
