Good morning. I am currently in an IVA, about to complete my first year. As a result of Covid, since Oct I have had my hours and salary reduced to half of what it was when I started the IVA. Because of this, it's inevitable that my monthly IVA payment will be reduced, at least until my hours go back up or I am able to find another job. There is really no way of knowing when this might be. I'm aware that the duration of the IVA is 5 years--but what effect do my reduced payments have on this length? My concern is that it could be extended indefinitely--is that the case? Would it still be 5 years? Is there some limit on the length of time or can be extended for? Thank you for your time.
Sometimes reductions are agreed and the term remains as is. Sometimes the term is extended if the 'loss' to creditors is unacceptable to them. And, sometimes, a break in payments is agreed to tide you over a difficult spot, but these missed payments are tacked back on the end.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014