[claire245]

Hi
What's the maximum time an IVA can last for? My husband and I have a 'joint' IVA,we have been paying for over 6 years,had to extend a little due to redundancy so this month should be our last payment.We are currently going through re mortgage options etc through Select.Vanguard have advised us that we don't have to take a Select product and that we can pay for a further '12 months or more' We are concerned about the 'more' bit,could this go on forever?? TIA

[kallis3]

Hi,

It will be an interlocking IVA and not joint. You should only have to extend for 12 months in lieu of equity.

[claire245]

Interlocked,that's the word i was looking for.Thanks,12 months sounds good,not ideal but better than going on forever.

[Foggy]

The proposals will specify the extension time in lieu of equity -- it is usually pegged at 12 months. They cannot extend beyond the terms agreed.

[claire245]

Thanks.Thats a point we don't have any terms in place, as this was something that has been recently added on by Vanguard!

[Foggy]

Thanks.Thats a point we don't have any terms in place, as this was something that has been recently added on by Vanguard!

They cannot just "add" new terms. There will (should) be an equity release clause in the proposal body, maybe something in the Chairman's Report of the initial meeting and in the Standard Terms and Conditions often referred to, depending on which Ts&Cs apply in your case. If you cannot find it ask them to point it out.