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Posted: Mon Dec 10, 2007 8:02 pm
by lesley.h
What is the maximum time an IVA can last for?
Posted: Mon Dec 10, 2007 10:37 pm
by MelanieGiles
Hi lesley
There is no maximum time limit - I was once involved in one which was set to run over 30 years!
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Posted: Mon Dec 10, 2007 10:39 pm
by Lisa2009
OMG 30 years? thats nearly as long as i been alive
Posted: Mon Dec 10, 2007 10:57 pm
by olympic_torch
And me.[:)]
Aucto Splendore Resurgo.
(8 down, 52 to go)
Posted: Mon Dec 10, 2007 11:25 pm
by Martin2011
Is that agreed at the outset? 30 years seems a very long time, faced with that I think I'd opt for BR... Is this something the creditors can affect, i.e., at the end of 5 years, if you haven't repaid 100%, could they say you have to pay for another X years?
Martin
Posted: Mon Dec 10, 2007 11:37 pm
by MelanieGiles
No - that was a very exceptional case. The norm is either five or six years for contributions based IVAs, or 12 months for lump sum full and final settlements.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Posted: Tue Dec 11, 2007 12:51 am
by Martin2011
Cripes, thanks Melanie.... will stop worrying now and head off for some sleep I think...
Best regards
Martin