How long do you make payments into IVA

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angier
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by angier » Fri May 04, 2018 2:39 pm
how long do i have to make the payments i've heard it is 6 years
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Foggy
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by Foggy » Fri May 04, 2018 2:50 pm
It can vary according to your circumstances. The "standard" term is 5 years, but this can be extended by creditors. In either case, if you have property there could also be a 12 month extension in this regard. At the other extreme you can, if you have access to a lump sum, propose a one payment IVA.
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MerlinL14
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by MerlinL14 » Sat May 05, 2018 6:13 pm
"Normal" period is 5 years. This is dependant on not having a mortgage or property with equity. Your creditors agreeing to this period, some can insist it runs for 72 months not 60, if they have a deciding vote then you either accept it or find another way to sort your debts out. But 5 years is generally seen as the "normal" period. If you have a property in equity then you will be asked to; take out a secured loan once the IVA is at conclusion and pay that equity (loan amount) to your creditors, extend the IVA a further 12 months in lieu of equity if the figure is too low to meet the required amount.
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kallis3
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by kallis3 » Sun May 06, 2018 8:09 am
If you have NRAM as a creditor, they usually ask for 6 years from the start.
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