Can IVA be extended after 72 months?

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Bella B

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Joined: Fri Aug 20, 2010 10:32 am

Post by Bella B » Fri Aug 20, 2010 10:32 am
We are 53 months into our IVA, have just tried to remortgage to end it but have been refused because of our ages. We tried a couple of ways, the second was to give us a mortgage to our 65th birthday but that would then leave us with a bigger mountain of debt than we have now. Our consultants have said they will recommend extending by a further 12 months - this is disheartening but nothing we can do however, can they they extend again after 72 months or will that be the end of it

Michael Peoples

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Joined: Mon Nov 03, 2008 12:36 pm

Post by Michael Peoples » Fri Aug 20, 2010 10:35 am
Hi Bella and welcome to the Forum.
If your IVA is extended because you cannot raise equity that is usually the end of the story. Speak to your IP for confirmation but you should be fine and a twelve month extension is better than an increased mortgage at sub prime rates until the age 65.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
If you would like to talk to me about proposing an IVA or have any questions at all please visit
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