Although my last payment is due, my IVA has been extended for 6 months.

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
steve507
Posts: 1
by steve507 » Sun Oct 22, 2017 9:08 pm
I Applied for an Iva I was told by the company it would be spread over 5 years. On the days of the IVA meeting the IVA company called and said that the meeting agreed to 6 years, when I asked why they said because of my property value. I was give 4 hours to agree with the terms.
My IVA company then sold my agreement over to another company.
My last payment of the 6 years s now due, I wrote to the company asking if the final payment was the same has the normal payment. It was answered with a letter saying my agreement has been extended by 6 months while they sort out the property review. I thought we had increased the IVA to 6 years to avoid this. is it not the case that the review should be done 6 months before the end of the IVA
User avatar
luluj
Forum Expert
Posts: 9874
Contact
by luluj » Mon Oct 23, 2017 2:56 am
I certainly would be challenging this for a full explanation. My understanding is the property issues would be dealt with at month 54 for a 5 yr iva and and month 66 for a 6 yr iva.
User avatar
Foggy
Forum Expert
Posts: 24139
Contact
by Foggy » Mon Oct 23, 2017 7:01 am
The reason for the initial extension should be explained in the Chairman's Report. It is rare for the equity to be addressed in this way unless there is an irregularity with the property. Usually an early extension is because you have Northern Rock as a major creditor or the creditors need the dividend to be increased. You need to get this explained, preferably in writing. Why DID they extend at the start?

Coming to this end of the arrangement, it is usual to tag 6 months administration time on at the end while they sort out the paperwork and tie loose ends, during which time you do not make payments. Some firms take up to 6 months, whilst most take a couple. Get them to explain what they are doing fully -- ask to speak to the IP, not a case worker.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 19 guests