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7yrs on IVA???? Is that right....
Posted: Tue Jan 12, 2021 9:32 pm
by Istranghero3000
Been on IVA for 7 years now and i almost paid 93% of debt is already paid I thought normally its only 5years they extend because of I owe them because i do some OT and i dont pay them thats why they extend for 1 year. Now they extend another year because they couldnt release equity. I'm hoping this feb. Could be my last month on this. But is that right that they can extend if you dont pay them what u owe on your OT?
Any input will be very much appreciated.
Re: 7yrs on IVA???? Is that right....
Posted: Tue Jan 12, 2021 10:20 pm
by kallis3
Yes, they can extend to cover any shortfall and also for not being able to release any equity. You are lucky they did not fail you if you didn't pay over your share of overtime.
Re: 7yrs on IVA???? Is that right....
Posted: Wed Jan 13, 2021 10:14 am
by Foggy
They extended to help you pay what you missed paying from OT --- they could have demanded that you pay it all in one lump or fail the IVA. At the end of the day you have to pay in what you agreed to pay in. You will get there eventually.
Re: 7yrs on IVA???? Is that right....
Posted: Wed Jan 13, 2021 4:28 pm
by Istranghero3000
Thanks for the reply kallis and foggy. It was ment to be finish last nov. But i apply conorona virus help prog. For 3 months need to extend upto feb. What do i need to do now. If i owr creditors, 18k and i paid already 16,800 do i need to pay the after my iva? Is that how does it work.
Re: 7yrs on IVA???? Is that right....
Posted: Wed Jan 13, 2021 5:06 pm
by Foggy
When your IVA finishes anything you haven't paid will be forgiven and the debts will close.
Re: 7yrs on IVA???? Is that right....
Posted: Wed Jan 13, 2021 5:41 pm
by Istranghero3000
Tue Jan 12, 2021 10:20 pmkallis3 wrote:
Yes, they can extend to cover any shortfall and also for not being able to release any equity. You are lucky they did not fail you if you didn't pay over your share of overtime.
Kallis Thank but i dont fail them i always pay is just when i done overtime and this i owed them 1,200 but they extend for 1year so i paid them 2,400 on that. But anyway its only 1 month left and im not on the rush. And have a little bit more carefull on my finances. To be fair I think IVA works for me as i dont need to go work more hours and I dicipline my self how to handle my money carefully. But everyone learnt a lesson after all. But thanks for response.
Re: 7yrs on IVA???? Is that right....
Posted: Wed Jan 13, 2021 6:24 pm
by kallis3
I meant that they could have failed your IVA when you didn't pay your overtime across, fortunately they didn't.