Can my IVA be extended to an 8th year?

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amanda296
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by amanda296 » Sat Jul 07, 2018 9:32 pm
I had my iva since 2012 and it was extended for 2 year due to massive income change, so 7 years in total now received a letter about equity release which I was aware of, but if I'm not able to release can they extend it a further year so it woukd then be 8 years
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Foggy
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by Foggy » Sun Jul 08, 2018 7:52 am
They can do --- however, I am curious to know why they extended due to a payrise. The rise in income should have resulted in an increase in the monthly payment, not an increase in the term.
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kallis3
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by kallis3 » Sun Jul 08, 2018 8:00 am
Was it a pay rise or a drop in income?
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Foggy
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by Foggy » Sun Jul 08, 2018 8:12 am
Ah yes, Kallis ---- I probably jumped to the wrong conclusion ! Apologies to Amanda :oops:
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amanda296
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by amanda296 » Sun Jul 08, 2018 1:08 pm
Yes my income was lower.
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kallis3
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by kallis3 » Sun Jul 08, 2018 5:44 pm
Yes they can extend it.
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