I am in year 6 of my IVA, it was extended as we couldn't get rid of our car as I needed it for work so couldn't downgrade. They added a year on. Now they want to add another year for the equity even though the IVA equity clause clearly states that it should not make me exceed 72 payments. Can they do this?
You need to clarify this with your IP. I have never heard of anyone having to extend due to the car (unless it was high end).
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In the normal course of events, if the IVA is 6 years from the outset, a 12 month extension in lieu of equity is commonplace. I imagine, when they added the extra year they overlooked amending the 72 month maximum. The additional extra year at the outset would be looked upon as overriding the latter clause.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
So you had a 5 year IVA. Ordinarily that would have been likely extended to 6 years re the equity position (on assumption you have standard clause and more than £5k equitable interest). Then you extended another year due to some issue with the car making 7 years.
This sounds right to me I'm afraid.
Can you prove equitable interest is less than £5k? Can you get f&f settlement from third party lump sum?