In an IVA for the last five years and due to end in August but now I have had a letter telling me that it is going to continue for another two years. Why ? Where do I stand with this as originally it was a five year agreement.
Does the letter explain why the IVA is going to continue for 2 years? Have you taken any payment breaks? Did you have an equity release which you have not been able to fulfil?
I would check your proposal/chairmans report and then speak to your IP about this.
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
Hi Lee and welcome to the forum. I would do as Jan suggests and speak with your IP directly for clarification. All the best and do let us know how you get on won't you?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Get out your chairmans report and let us know more about why your creditors want this IVA extended beyond the 5 year point.
Just when you think the end is in sight!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi,
Firstly i would like to say thanks for all your quick responses.just to let you know i contacted my IP today and everything is now sorted out and my IVA is due for completion on 24thAugust 2010. The letter i received from them read as follows
Your arrangement is due to complete on 24August 2010.I hereby give notice that, as per paragraph 3.13 of the debtors proposal, I am exercising my power as supervisor to extend the arrangement for 2 years until 24 August 2012, in order to allow for realisation of assets, agree creditors claims and to deal with any other matters arising.
On contacting my IP today, they confirmed that my payments would finish on 24 August 2010 as agreed but the file would be kept open 2 years to complete everything.
I will keep you informed of the situation in the future but hopefully everything is still on track. they said the way they word the letter is probably incorrect and have had several people calling worried about the situation. many thanks for your help
Excellent news lee. Glad you have it sorted, although it doesn't normally take two years as far as I am aware. Within a very short time after your last payment, you should get a completion certificate, and with that you will be debt free.
Just confirm that with your IP as well.
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
I too was informed that the 2 Year Extension was to allow for the realisation of assets!! etc etc! But have now been told my payments will end in August 2010.
Why on earth would a file need to be kept open for two further years if you had made all of your payments in full? I cannot see any need for this, and no wonder some of you have been getting confused.
I would hate to think mine would take teo years even though I am not with tenon. My agreement says that it would be all paid out by the 75th Month and that's only three months more than my IVA is scheduled to run for.
