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Posted: Wed Sep 03, 2008 9:25 am
by quark2008
Good morning, #13;#10; Guess this is for Melanie. What is the maximum term an IVA can run for ? By extending the term of the IVA, are the monthly contributions reduced ?
Posted: Wed Sep 03, 2008 9:53 am
by MelanieGiles
As long as the debtor and creditors want to be honest - there is no maximum time. And contributions are based upon affordability - so that could result in an extension of time if that is what creditors require. Difficult to genaralise on this point really.
Posted: Wed Sep 03, 2008 10:06 am
by quark2008
Thank you, so basically you just have to keep an open dialogue with your IP, now i'm a couple of payments in, it feels great, this time next year i will be moving across to the new keyworker homes, and a deposit is required.I am hoping that my IP will help with this.I'm sure it is far too early to mention this, but all the same i am quite anxious to do so, like i say i am a few payments in and do not want my IVA to fail now.
Posted: Wed Sep 03, 2008 11:41 am
by size5
I'm sure Mel has mentioned here previously of a 30 year VA she has, or did I just dream that up?
Regards.
Posted: Wed Sep 03, 2008 11:54 am
by kallis3
I seem to remember that as well, but I'm not sure if it was her, or someone she knows, or something she had heard of.
Posted: Wed Sep 03, 2008 12:53 pm
by plasticdaft
size5 wrote:
I'm sure Mel has mentioned here previously of a 30 year VA she has, or did I just dream that up?
Regards.
Thats not a dream,its a nightmare!![:0]
Unless you are the IP collecting the fees of course[;)]
Posted: Wed Sep 03, 2008 1:26 pm
by jane.l
what kind of life would that be? 30 years in an IVA, there would be nothing to live for[:0]
Posted: Wed Sep 03, 2008 1:56 pm
by MelanieGiles
Yes - I have been involved in a 30 year IVA - but it was a very exceptional case, completely controlled by a well known bank!