www.iva.co.uk

hello everyone,

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.

x

Hi twinnie.

I am afraid I am not too sure about this. We do have a rep from DFD who posts on here so hopefully he will pick this up and be able to help you.

7 year IVAs are not unheard of but I wouldn't like to say how your situation would be affected if at all.

One of the experts will come along soon enough to help you. x

thanks for that. i will keep checking in for other responses. i would love to think i will be finished early next year. fingers crossed for us

Did they mention anything about your equity clause when it was extended first time round?

Also, do you have any equity in your property right now?

Hi Twinnie and 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.

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.

Hi all
Just responded to Twinnie on a seperate thread.

Thanks

Nice to see you Declan - knew you would pick up on this.