It may be - but the answer ought to lie in the wording of your own IVA proposal or subsequent Chairman's Report. Get your IP to confirm where they derive this authority from, as it sounds like you were not aware of this from the outset.
If the proposal is silent on what happens if you cannot raise the money, then your IP may need to call a meeting of creditors to determine their wishes - and any variations also have to be agreed with yourself as well.
I am in the same boat, my house was valued tonight and I have no interest in the value to be honest as I can't get a remortgage. I think it is probably correct that they can make you pay for another year, My IVA said that it wouldnt last for more than 72 months, so that takes into account an extra years payments. In my opinion it's worth paying that to be debt free,an IVA isnt a miracle solution, but it's near as damn it in my opinion, so one more year and it's all over ! x
I had to just post you as you made me smile [:)] when I read your post below... "to be debt free,an IVA isnt a miracle solution, but it's near as damn it in my opinion, so one more year and it's all over"
You are absolutley right, and this is how I look at it to. However we are just starting out and curretly waiting our creditors meeting.
F&F accepted 12/8/13 - Awaiting Completion Certificate
Thanks to everyone for your support. Could'nt have done it without you.