My husband and I have been in our IVA for 2 years but with quite a lot of problems. This is mainly due to my husband being made redundant 6 months into the IVA.
We were given a break and have now been back on track with payments for most of this year.
However, our IVA company (Freeman Jones) are telling us that the IVA will run until Aug 2015! That will be 7 years!! I am really unhappy about this and am not convinced that we are not being ripped off.
Can you change your IVA company?
I am contemplating Bankrupcy now as I just cant face another 5 years of this.
Any advice will be much appreciated.
Sorry to hear of your problems but this is what usually happens as even though you have had a payment break you still need to try to reach the agreed dividend which was originally agreed so therefore the term getx extended to meet this. Have you actually had this in writing from your actual IP or just the staff?
You cannot change companies so you would need to let your IVA fail by missing 3 payments and then perhaps starting another one but then that will be another 5 years. You can go bankrupt if you wish but again your credit will be shot for a further 6 years and you may need to pay an Income Payments Order for 3 years based on your disposable income
I do not blame you for not wanting a 7 year IVA. Ask for a variation to restrict the IVA to five years or even five and a half and the dividend can be calculated on your current situation. If creditors agree the IVA can run as normal but if they refuse you can go bankrupt and possibly have a three year IPO/IPA.