Can my IVA be extended to an 8th year?

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amanda296

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Post 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

Foggy

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

kallis3

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Post by kallis3 » Sun Jul 08, 2018 8:00 am
Was it a pay rise or a drop in income?
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.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Sun Jul 08, 2018 8:12 am
Ah yes, Kallis ---- I probably jumped to the wrong conclusion ! Apologies to Amanda :oops:
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

amanda296

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Post by amanda296 » Sun Jul 08, 2018 1:08 pm
Yes my income was lower.

kallis3

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Post by kallis3 » Sun Jul 08, 2018 5:44 pm
Yes they can extend it.
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.
http://kallis3.blogs.iva.co.uk
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