www.iva.co.uk

I am already on IVA, I have completed my first year. I am now being reviewed for my second year, but my circumstances have changed. I am earning less and paying out more in household bills. I have been told that my payments will be extended for an extra year, so I'll be paying for 6 years in total. I was lead to believe I would finish paying in 5 years, is this right? Thank you for any help.

Hi don c

welcome to the forum

The extension is certainly an option open to the supervisor. This is to reflect the fact that over the initial 5 year plan your contributions would now be less because your ontributions are less.

They obviously hope to make up the shortfall in the additional year.

The good news is that if your circumstances change again i the next few years you could well find yourself back to the 5 year total.

Can you afford the payments the IP is suggesting you could pay off by extending for a further year?