my question is can an iva be extended to 7 years? i ask because we are in month 63, had to extend to 6 years when my employer in year 3 closed down and i temporarily took a lower paid job we were advised to extend to repay the amount originally agreed. while i worked the lower paid job the payment was reduced.
will we be asked to equity release in year 6 (thisyear) and if none available will we have to do a 7th year?
we are with DFD, never missed a payment. incidentally on entering year 6 we didnt do the usual review as we did with all the other years?
any advice/ shared experiences very welcome.
Not sure about this but your IP is the best one to tell you.
If Declan doesn't pick up on this then you can always click on his details and email him for assistance.
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
Ours is likely to be over a 7 year period-as one of the modifications was for a 6 year iva with the equity release clause added.
Northern rock insisted on this for the iva to be approved so I think there may be many of us looking at 7 years.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Nice to see you Declan - knew you would pick up on 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
