Can an IVA be extended by the creditor if all payments have been met?

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anthony
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by anthony » Tue Feb 27, 2018 6:23 am
Can an IVA be extended by the creditor if all payments have been met (inclusive of a 350% rise for the last year).
If so when do they make the decision, I am asking as I am approaching the last 3 months of the 5 years and don't want any nasty surprises.
I have always kept the IVA provider abreast of my situation when I have been promoted and received a pay increase.
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kallis3
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by kallis3 » Tue Feb 27, 2018 8:51 am
Hi,

It will depend on whether or not you had an equity release clause (if you own your own house
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Foggy
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by Foggy » Tue Feb 27, 2018 9:06 am
All other things being equal -- and, as you say, having kept up with extra income and paid in what was required, the only reason for an extension would be in lieu of equity -- are you a homeowner ?
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anthony
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by anthony » Tue Feb 27, 2018 10:07 am
Foggy wrote:
All other things being equal -- and, as you say, having kept up with extra income and paid in what was required, the only reason for an extension would be in lieu of equity -- are you a homeowner ?


No
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kallis3
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by kallis3 » Tue Feb 27, 2018 11:12 am
You shouldn't have a problem then.
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MerlinL14
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by MerlinL14 » Tue Feb 27, 2018 2:45 pm
I don't believe a creditor can make you extend an IVA. The contract was agreed and signed by all parties to an agreed term and payment level. If they feel aggrieved by the outcome then there is very little they can do about it. Your IP supervises the IVA not the creditors.
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Foggy
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by Foggy » Tue Feb 27, 2018 3:11 pm
MerlinL14 wrote:
I don't believe a creditor can make you extend an IVA. The contract was agreed and signed by all parties to an agreed term and payment level. If they feel aggrieved by the outcome then there is very little they can do about it. Your IP supervises the IVA not the creditors.



Not that black and white ( when is it ever ? ) but basically sound.
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