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

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anthony

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Post 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.

kallis3

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Post 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
http://kallis3.blogs.iva.co.uk/
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The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Foggy

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Post 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 ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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anthony

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Post 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

kallis3

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Post by kallis3 » Tue Feb 27, 2018 11:12 am
You shouldn't have a problem then.
http://kallis3.blogs.iva.co.uk/
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.

MerlinL14

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Post 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.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

Foggy

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Post 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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/
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