What is the maximum time an IVA can last for?

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lesley.h

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Post by lesley.h » Mon Dec 10, 2007 8:02 pm
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What is the maximum time an IVA can last for?
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MelanieGiles

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Post by MelanieGiles » Mon Dec 10, 2007 10:37 pm
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Hi lesley

There is no maximum time limit - I was once involved in one which was set to run over 30 years!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
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Lisa2009

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Post by Lisa2009 » Mon Dec 10, 2007 10:39 pm
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OMG 30 years? thats nearly as long as i been alive
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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olympic_torch

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Post by olympic_torch » Mon Dec 10, 2007 10:57 pm
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And me.[:)]

Aucto Splendore Resurgo.
(8 down, 52 to go)
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
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Martin2011

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Post by Martin2011 » Mon Dec 10, 2007 11:25 pm
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Is that agreed at the outset? 30 years seems a very long time, faced with that I think I'd opt for BR... Is this something the creditors can affect, i.e., at the end of 5 years, if you haven't repaid 100%, could they say you have to pay for another X years?

Martin
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MelanieGiles

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Post by MelanieGiles » Mon Dec 10, 2007 11:37 pm
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No - that was a very exceptional case. The norm is either five or six years for contributions based IVAs, or 12 months for lump sum full and final settlements.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
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Martin2011

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Post by Martin2011 » Tue Dec 11, 2007 12:51 am
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Cripes, thanks Melanie.... will stop worrying now and head off for some sleep I think...

Best regards

Martin
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