Hi, I have an IVA set on our name starting in March 2011. Last year we have received a variation letter for extending payments. Now we can mention that we have paid 8 years with no missing payments, but we have a request for some months (9) off payment for been struggling over the years.
My question is for how much longer will run this IVA because we like to complete asap.
There is no limit to how long an IVA will last --- usually it starts at 5 or 6 years, then can, as in your case, be extended to make up arrears or those 9 missed payments. It can also have a year added if you own your home and cannot release equity.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
