Is 6 years the max for an iva?

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jeep1970
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by jeep1970 » Sun Sep 09, 2018 9:55 am
Our joint IVA started mid October 2012. There was equity in our property but could not raise finance after 5 years so had to stay in IVA for an extra year. We had private registration numbers on cars so they said payments would be added onto the end of the plan (we had to scrap one car and could not afford to retain the plate so one private registration was lost). It will be the end of the 6th year Oct 2018 but my final payment is December 2018 an my partner's April 2019. Can this be correct as I thought 6 years was a maximum and can we ask for it to be removed from the register in October or do we have to wait until December and April. Kind regards
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Foggy
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by Foggy » Sun Sep 09, 2018 10:48 am
There is no maximum term to an IVA. At the start some are 5 years (extended to 6 for equity) and some 6 years ( extended to 7 for equity) ... plus, of course, arrears and extra payments might have to be made up at the end. I believe someone here has mentioned a 12 year term before now.

They will be removed three months after you get the completion certificates issued (which itself can take a couple of months (up to 6 in some cases)).
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kallis3
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by kallis3 » Sun Sep 09, 2018 11:22 am
Agree with Foggy - no maximum, depends on your circumstances and what as agreed when you started out.
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Radish
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by Radish » Sun Sep 09, 2018 12:19 pm
My 5 year IVA was extended from 60 months to 71 by my IP, when I had some temporary other payments to make that came as a shock (long story) they capped the payments onto the end. I don't own my home so no extensions because of equity issues.

While in my last few months of my IVA, my IP (DFD) rang and told me they wanted to extend my term by a few months as on my original agreement I was to pay extra monies if I took in a lodger for my spare room (I had a teenage daughter so a big fat no to this one despite not telling them this) and if my partner at the time was to gain employment I was also to increase my monthly standing order to them. Because none of these happened (although I did put £7k from PPI's into the pit) they said they felt I needed to make up for this.

I refused and it went to a meeting and they creditors agreed not to pursue this - but this would have taken it to 75 + months. I am not sure if I was right or wrong but at the time thing were tough and I wanted a fresh start - I never felt this extension would have been done for a fair reason so I stood my ground. 8)
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Foggy
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by Foggy » Sun Sep 09, 2018 12:39 pm
You were right to stand your ground,Radish. The IP was trying to act outside of the agreed terms.
jeep1970
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by jeep1970 » Sun Sep 09, 2018 5:00 pm
Thanks guys. Well I only have 4 payments left and 8 for partner so will wait it out. Have never missed a payment or had a break - just think that if they know when your final payment is then they could get wheels in motion for register removal. I read that iva can only stay on a credit record for 6 years max by law so doesn't seem fair when you have done your time and need to move on.
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Foggy
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by Foggy » Sun Sep 09, 2018 6:07 pm
jeep1970 wrote:
Thanks guys. Well I only have 4 payments left and 8 for partner so will wait it out. Have never missed a payment or had a break - just think that if they know when your final payment is then they could get wheels in motion for register removal. I read that iva can only stay on a credit record for 6 years max by law so doesn't seem fair when you have done your time and need to move on.


It only stays on for 6 years if it is completed in that time. If not, it stays until it is completed.
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