Starting yr 6 of IVA been hell on earth but not quitting now. Can PayPlan ask for another year ?

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

Mark.29

User avatar
Posts: 30
Joined: Mon Jun 23, 2014 3:55 pm

Post by Mark.29 » Mon Aug 15, 2016 9:09 pm
Hi just starting yr 6 of iva been hell on earth but not quitting now. My fear is can payplan ask for a 7th year?
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Aug 15, 2016 9:43 pm
Are you in an extension year for equity, or was the IVA set at 6 years from the start ? If you are in your equity year they should not be able to unless there was a minimum dividend to be met ( rare these days).
If you were in a 6 year term from the start, it could be extended by a further year in lieu of equity, if you are a homeowner with more than £5k equity.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

kallis3

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

Post by kallis3 » Mon Aug 15, 2016 10:07 pm
Agree with Foggy - what was your original term.
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
 
 

Lisa Thomas

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

Post by Lisa Thomas » Tue Aug 16, 2016 9:19 am
What was your original term and as there a property equity clause in there about extending for a year?

This should answer your question.

Most standard terms are for 5 years plus 1 year extra if the equitable interest for the debtor is over £5k.

If NRAM was a creditor they usually insist on 6 year IVAs (plus the extension if relevant)
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
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”