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Can the IVA be extended or ended early ?
Posted: Sat Feb 04, 2017 9:12 pm
by Chrisd7627
I own rental property and am involved in a 6 year IVA, my IVA is due to end in 2 years.
Can the length of the agreement be extended past the 6 year point for any reason?
Would they consider ending the IVA early for any reason?
Can a IVA last longer than 6 years?
Re: Can the IVA be extended or ended early ?
Posted: Sat Feb 04, 2017 9:21 pm
by kallis3
Hi,
As far as I am aware it should finish at the 6 year anniversary and will only finish early if you can offer a full and final settlement.
An IVA can last longer than six years - depends on the circumstances.
Re: Can the IVA be extended or ended early ?
Posted: Sat Feb 04, 2017 9:52 pm
by Foggy
An IVA can be arranged for any period of time, by agreement. It can be shortened, once set up, by full payment of original debt, plus fees and possible statutory interest, of by creditors agreeing a full and final offer.
Your 6 year term --- was it 6 ( as opposed to the usual 5) because of the rental property ? If so it shouldn't be extended. If it was 6 for other reasons, then it could be extended by another year in lieu of equity release.
IVA's can also be extended to make up arrears, payment breaks or to offset a reduction in regular payments during the term, by agreement.
Re: Can the IVA be extended or ended early ?
Posted: Mon Feb 06, 2017 9:47 am
by Lisa Thomas
Yes, yes and yes.
Why are you asking - what is your underlying query?
Re: Can the IVA be extended or ended early ?
Posted: Tue Feb 07, 2017 10:54 am
by Debt_guru
Like Lisa has already said, they are all possible but depends on the individual case. What is it that you are worried about ?