Page 1 of 1
Posted: Fri Aug 12, 2016 7:29 pm
by Mike.11
I have been paying my IVA for 7 years now,because my circumstances changed they added 2years on. Ive not missed any payments. Can you tell me if they can extend it any longer. I've been told the insolvency act 1986 says a maximum of 7 years is this true.....thanks
Posted: Fri Aug 12, 2016 7:34 pm
by Foggy
No, there is no maximum, but they can only extend within the terms contained within your agreement, possibly in this case to meet an agreed minimum dividend. Do you own your home ? If so they might yet extend again by 12 months in lieu of equity release.
Posted: Mon Aug 15, 2016 10:18 am
by Lisa Thomas
Hi Mike
There is no standard end date - every IVA is unique.
7 years does seem a little long but some people have 6 year IVAs because NRAM is a creditor and insists on it being longer that the 'average' 5 year and then they have an extra 12 months for the lieu of equity clause so you are not alone.
If you haven't missed any payments - why was it extended for 2 years - can you clarify a little more please?