www.iva.co.uk

I keep reading stories about IVA's being extended to have a extra year is this the case with all IVA'S or is it just if you own a house. i understand if you have a payment break those extra months will be added on the end so to speak

I dont own a house

Any info would be good

if you don't own a house then it's unlikely it will be extended - unless as you say payments are missed. It's for homeowners who have equity in their property but can't release it by remortaging that end up paying for the extra 12 months.

It is very common these days to see IVAs extended with clients that have mortgages. This because they are usually asked to release any equity by remortgaging in the final year, which is proving impossible due to not being able to remortgage, so the IVA is extended a further 12 months. I know a few posters prefer this as it works out better for them in the long run.
Payment breaks can be added onto the end of a IVA or you can pay them back over a period of time, so they are not added on at the end. This is what I'm doing with a recent break & paying it back in equal amounts over 4 months.

So as long as everything plods along nicely for you Rones, you will be fine x

Additionally certain creditors may ask for a 72 month IVA as a modification at start. Like me with northern rock.

There are also the odd occaisions where someone needs a variation for whatever reason (a revision on the original proposal) - if this results in a lower payment the creditors may ask for an extension to make up for it but your IP would explain all that to you along the way.

Regards,

If you have no house then you won't have an extension unless you have missed payments or had payments lowered as mentioned above.

I'm sure you will be ok.

Thanks guys

This place is full of very helpful people and lots of very good information. Kinda feel i dont wanna talk to ppl about my IVA as ppl will judge me but everyone is in the same boat

Very glad i found it

Additionally certain creditors may ask for a 72 month IVA as a modification at start. Like me with northern rock.

Hi RRones
No judgements or criticism here, sharing experiences and support only[:)]

I second that post nepensioner, indeed a great site and very very supportive, not only from the people that post on here but also from the professionals as well.

Our agreement is 60 months with an equity release clause, however I cant see house prices increasing that much, also we have already lost about 30,000 off the value, not yet in negative equity probably only have £20,000 in profit. As our mortgage is high there wouldn't be much chance of equity release. I think another 12 payments is far easier than remortaging, this was clearly explained to us on the day our IVA was approved last November by Payplan. No Spanish beaches for us this year and I think for the next 6 years how ever I am happy to take it on the chin and class the next 5 years as a punishment due to surviving, this will be a lesson learnt. Now looking at returning to camping for the next 5 years so hopefully will see some of you on the campsites in and around wales and the lakes. When I'm next there ill be wondering if people can tell if your in an IVA or just love the great out doors.[:)]