www.iva.co.uk

i'm 3 1/3 years into an iva, but my friend has reently just applied for one. the creditors were due to decide today on their proposal. however she received a call this morning advising that the meeting had been postponed for 2 weeks as some creditors were wanting them to pay more and northern rock proposed they pay for 6 years. is this normal.

Hi,

This is quite common with Northern Rock, and sometimes creditors do want people to pay more.

Your friend needs to find out exactly what is being asked by the creditors who want more.

i can understand that creditors want more money, but i thought an IVA only lasted 5 years and if that's the case, how can northern rock (who should be far more understanding giiven their recent track record)ask for payments for 6.

The length of time an IVA lasts for is not set in stone.

My iva is set for five years, but if I cannot remortgage then it will continue on for a further twelve months.

NR quite often ask for this extension.

I know of at least one IP who posts on here who has an IVA which is over 17 years!

Oh i hadn't realised that, I just assumed (which I know isn't good) that all IVAs lasted for 5 years (which thankfully mine does). Thanks for that advice, it's greatly appreciated.

I think it used to be like that, but the creditors can (and frequently do) move the goalposts.

Northern Rock do like to see the IVA extended to a sixth year, when their outstanding loan has more than six years to run.