Is there a maximum period of time that you can be asked to pay an IVA ?

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
 
 

osb85

User avatar
Posts: 6
Joined: Fri Jan 15, 2016 9:10 pm
Location:

Post by osb85 » Wed Jan 27, 2016 7:05 pm
My IVA was scheduled to finish in Dec - now our IP Says we have to pay 67 months plus a month that we couldn't pay - 68. Now we have to see if we can re - mortgage and if we cant then we pay for an additional 12 months bringing us to 80 months. I haven't had any arrears accept for the agreed month missed and our payments have gone up than the agreed amount. Is there a maximum period of time that you can be asked to pay for?
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Wed Jan 27, 2016 7:07 pm
Hi - when is your IVA due to finish? Which company are you with?
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
 
 

lifenoteasy

User avatar
Posts: 3248
Joined: Thu Feb 05, 2015 2:26 pm
Location: United Kingdom

Post by lifenoteasy » Wed Jan 27, 2016 8:08 pm
It sounds like they are fudging something based on their failure to do something in time.
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.
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Wed Jan 27, 2016 9:48 pm
The equity situation is usually addressed 6 months before the end of the IVA. If the IVA was extended for any reason such as arrears then this will delay the equity calculation. You need to ask your IP for an explanation.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Lisa Thomas

User avatar
Industry Expert
Posts: 7759
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Thu Jan 28, 2016 11:15 am
Hi

What was it originally supposed to be - payments over 5 years/60 months plus potentially extra 12 months for the extension?

Other than the extra month for the arrears have you had an explanation for this?

I wonder if its 60 months standard payments plus 12 months for lieu of equity plus 1 month arrears plus an estimate of 6 months for your IP to close?

Meaning you should only be paying contributions of

60+12+1 =73.

This is just an assumption.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”