Extended IVA?

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jeredine

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Post by jeredine » Thu Nov 26, 2020 9:07 pm
Can an IVA that started in 2016 be extended on the grounds of a new creditor surfacing or an existing creditor making an increased claim?

No payments have been missed all income increases have been reported.

They state a higher/additional claim was made after the IVA was approved. (but do not state when)
Is this something that should have been addressed before now?
If I do not consent to a new meeting what might happen?

Foggy

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Post by Foggy » Fri Nov 27, 2020 9:01 am
Yes, it can be extended as an alternative to failing the arrangement. If you refuse, the IVA will possibly be failed ... meaning you are back to square one and the last 4 years payments will be wasted as creditors will be able to add back lost interest and charges and will be able to chase for repayment.
If it were me I would want to see proof of this increased or new claim before agreeing in case I were able to refute it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

jeredine

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Post by jeredine » Sat Nov 28, 2020 5:54 pm
Many thanks, Foggy,


I give that a go.

I am right in think the most they can extend it is by another 2 years?

Foggy

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Post by Foggy » Sat Nov 28, 2020 6:53 pm
Apart from the 'built in' extension for equity release any other extension has to be by agreement with you and the creditors and can, as far as I am aware, be for any length, depending on the circumstances. But there has to be a valid reason. Often, as in the case of a new or increased debt coming out of the woodwork like this, the extension is put forward as an alternative to failure of the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

jeredine

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Post by jeredine » Sat Nov 28, 2020 6:56 pm
Thanks, good to know.
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