At the end of 6th year of IVA, Aperture wishes to extend my IVA by a year.

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by iain200 » Fri Mar 30, 2018 12:38 pm
I have come within 4 weeks of paying my IVA off. Initially it was set with DFD for 6 years at £381 per month. The debt was £27032. Some of the debt was joint and my wife paid these additionally she is not in an IVA.
I have now been told that they wish to extend as there is equity in my property which is joint owned for another 12 months at the same rate.
I only found this out as I called to ask about the final payment as I have nothing in writing since DFD went into admin.
I have 50000 equity which is joint however aperture say anything over 5000 will result in another year.
From the start I believe I was missold this IVA as one day before the court etc it doubled from 187 to 381 a month and now this.
My parents were also willing to pay it off however the company took 4 months to acknowledge and then said it would take another two months for a creditors meeting. In this time the debt had halved due to payments made.
I am at my wits end as I believed I was getting to the end of the IVA and now this
Please help
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by Foggy » Fri Mar 30, 2018 12:53 pm
I am afraid there is little you can do but comply, assuming the IVA wasn't a six year arrangement to already deal with equity --- your proposal and chairman's report will tell all. Usually a 6 year term is down to a low dividend or NRAM as a creditor.

Regarding miss-selling: The agreement you signed has all of the details in and you will be on thin ice saying you weren't aware, so I doubt such a complaint will get anywhwere. Additionally, regarding the increase, you were at liberty to refuse the amendment and stop the IVA from starting, so, again, I doubt that arguement will get anywhere.
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Lisa Thomas
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by Lisa Thomas » Tue Apr 03, 2018 8:52 am
You need to check your original proposals and modifications - as Foggy says also check the Chairs report.

Most 'standard' IVA terms are to last 5 years plus one year extension.

I can only presume yours was set at 6 years plus one years extension.

Your parents lump sum 'gift' will no doubt need to consider the extra years worth of contributions as part of the F&f offer.
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