I have had an iva for 4 years until I lost my job 3 months ago. My iva has been frozen until I get another job as I cannot afford the repayments. I have now got another job and my mp said I have to pay my missed months at the end of my 5 years so they have applied for an extention. I didn.t think they could do that, I though it was for no more than 5 years.
Unfortunately not - I have heard of IVA's that have run for 7 years plus. As you have agreed to pay a certain amount originally for 5 years and then the rest is written off at the end it only seems fair that they extend it to recoup what you have missed - although obviously through no fault of your own
There is no set time limit for IVAs - I have concluded them in 30 days, and I have one in my portfolio set to run over 17 years. Five to six years is generally the norm expected by creditors, if the IVA is based upon the payment of monthly contributions.
