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Posted: Fri Jul 25, 2008 6:12 pm
by jandc
Hi, could you please answer a question for me? Is there such a thing as a 30month IVA?
Thanks!![:)]
Posted: Fri Jul 25, 2008 6:15 pm
by chris.g
I'm not 100% certain but I know that an IVA can be for any length of time. They are 'set' at 60 months due to the majority of them being agreed for that period of time. I guess that as long as you are proposing to pay as much in the 30 month as would be paid in the 60 the ip/creditors might agree....
Posted: Fri Jul 25, 2008 6:19 pm
by MelanieGiles
You can have an IVA for as long or as short a period as you like. Historically, I have done IVAs for both 30 days and 30 years - of course the latter being really exceptional.
As Chris states, the most usual time accepted by creditors is over five years, so you will need to have good reasons for only running one for half that period - such as an impending retirement for instance.