www.iva.co.uk

Hello all i have a question regarding the term of our iva and if this is common. We originally thought our iva would last for 5 years but on the day of our court date we recieved a phone call from court stating that nram wanted to extend our term by 1 year. I have read on here that this is common if debts were owed to nram. As we were on our court date we felt we had little option other than to accept. 2 years in my wife fell pregnant therefore losing a proportion of our income and an added expense of another mouth to feed we rang our iva company (Kingsgate) and they lowered our payments and added an extra year onto our term. so what initially looked like a 5 year repayment plan turned into a 7 year payment plan and we have just found out we didnt have enough equity in our property other wise we may have been paying for 8. Does this sound like the norm ??

My IVA is for 7 years, not sure if another year will be added due to equity. Northern rock extended my IVA

Hi
My IVA was a 6 yr one. It was a Halifax credit card that demanded it. After 5 and half years i had to send in some house valuations but they all came back with less than 5k equity so no extension was needed.

I feel that it is the usual when certain things are written in the proposal.

I had a loan with NRAM and they extended it by a year,then with 3 months to the end of the iva they sold the debt,the mind boggles

An Iva term can be extended to meet any dividend obligations within a proposal.

I was with NRam, so my 5 years was extended to 6, following this I had no equity so therefore concluded my payments, however whenever we had to take a payment break or lower payments, we had a choice of either paying it back during the remaining months of the iva, or extending the number of months to maintain the same payment. Therefore I would say yours is the norm.

Standard IVAs tend to be for 5 years plus a year for any equitable interest extension.

Nram IVAs tend to be 6 years plus a year for any equitable extension.