Rule 5(2) re IVA extension

[oand]

Good morning

I have a question re 5(2) IVA extension rule, which states that "Supervisor may, if she/he thinks fit for the purposes of fulfilling the arrangement, extend the arrangement by sending a notice saying so to you and to all creditors".

My question is whether the 6 months extension should take place for administration purposes (as I was advised by my IP)? Is it a good enough reason for them to extend my ever-lasting IVA? Can I disagree with the extension?

Many thanks in advance.

[Adam Davies]

Hi

They can extend IVA with creditors agreement and there is very little that you can do unless you have a just cause for complaint. Many IVAs are extended for the collection of PPI refunds I'm afraid

Regards

[oand]

Many thanks Andy for your reply.

What will happen if I go to work full-time during this extension and therefore earn more money? Do I need to pay more money into the extended IVA bearing in mind that I have made all of my contractual payments to date?

Many thanks in advance.

[lifenoteasy]

If I remember correctly my agreement states that 2 extensions are allowed up to a period of 9 months and it is for admin.

Where something goes past that point its basically because the company is not being efficient and are being risk adverse.

Barring windfalls etc. you should be able to increase your income etc. whilst you are waiting for your CC.

[oand]

Many thanks for your reply lifenoteasy- I hope this is the case and that it will be all over soon...

[Adam Davies]

Hi

If income increases in last twelve months[extension period] then you should not have anything else to pay, however it would be prudent to inform your IP of any pay increase

Regards

[lifenoteasy]

Why?

Either you have formally met your side of the agreement or you havent? The extension is to allow the IP to sort out their bit.