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
claire245 wrote: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.
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