Is it right that they can take you into year 7

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1


User avatar
Posts: 3
Joined: Tue Jun 15, 2010 10:23 pm

Post by sadie.ds » Tue Sep 14, 2010 9:00 pm
Is it right that they can take you into a 7th year? As we are not able to release equity in our home. We are with w3 debt solutions?


User avatar
Posts: 27019
Joined: Thu Sep 20, 2007 8:57 am

Post by Shining » Tue Sep 14, 2010 9:00 pm
Hi there, do you have a 6 year arrangement Sadie?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


User avatar
Posts: 487
Joined: Thu Jan 24, 2008 5:55 pm

Post by carlmcmullen » Tue Sep 14, 2010 9:06 pm
Normally if you are not able to release equity in the final year of your IVA then creditors would expect you to extend your IVA by a further twelve months in liue of this equity. However if there is no equity there based on 85% LTV then there would be no reason for an extension.

So if your IVA was proposed over 60 months they it could be extended to 72 months.

If your IVA's original term was 72 months then yes it could technically be extended by a further twelve months, however as you have already done a 6 year term i suspect creditors would be happy with this.


User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am

Post by MelanieGiles » Tue Sep 14, 2010 10:27 pm
A 7th year is possible if your original duration was for six years with the potential for a final year's worth of payments in lieu of equity.

Was thgis not explained to you initially by your IP?
Regards, Melanie Giles, Insolvency Practitioner
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”