Your IP should have explained all of this to you. Check your paperwork to see what it says.
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
An IVA can be over any time agreed at the outset, most commonly 5 years. However, some creditors, mainly Northern Rock (NRAM), insist on 6 years as a base term. Some will also ask for extended terms if the dividend is low, compared to the original debt.
Remember, also, that id you start out at 6 years, it still can be extended to 7 if equity has to be addressed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014