I'm told they are to extend it to 7years !!!

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by anita644 » Mon Jul 17, 2017 9:35 am
Hi, I am in my 65th month of my iva and was told by my iva company I had to extend the 6years for another 3months as I worked some overtime to pay for my sons funeral costs but didn't give them half my earnings. Now I'm told they are to extend it to 7years !!! Although I am paying the amount each month they asked for. They have also had PPI of £7000. This comes to over my debts. Can they do this?? Any help is grateful..
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by Foggy » Mon Jul 17, 2017 9:53 am
Why are tyhey further extending ? They have to explain the reasons.

Are they increaing the number of actual payments, or just extending the admin time at the end ( usually 6 months is "built in") ?

As for the amounts, during the IVA you always owe the full original debt, plus fees and possible statutory interest, so can end up paying more than the original debt ( but still a lot less than the original debt and contractual interest over the term). Anything unpaid is only wrutten off at the end.
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