I've just had my 1st year telephone review. We have struggled for some months now and our I&E shows our surplus money each month is half of our current IVA payment. The lady i spoke to said if a variation meeting was the way forward we would most definitely have to extend the IVA by possibly 2 yrs, my husband's is already 6 years, so this extra would take it to 8 yrs!!!! To be honest i think bankruptcy is the way forward but just wanted to exhaust all other options first.
Can anyone tell me if IVAs have no time span and can be extended as creditors see fit?
The majority do run over 5 or 6 years but can be extended, not sure if there is a set time span. It may be that it is the only way to reach the dividend originally agreed.
If you are struggling after your first 12 months, then it bankruptcy might be an option if you have no assets.
One of the professionals will be along with further advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Your IP can put forward the variation based on a lower dividend and no extension. If creditors demand an extension you can just fail the arrangement and go bankrupt.
Ultimately it is your proposal and you do not have to accept what is asked from creditors or your IP.
Thanks for your replies. I was told without an extension they would not put the proposal forward as it would most definitely be rejected. I think we are resigned now to bankruptcy.
Hi
Write to your IP with your proposal, they really should put it to your creditors. If you have no assets to protect then bankruptcy will be the quickest and most cost effective option
Regards
It is ridiclous that your IP is forcing you into bankruptcy without giving creditors a say. I agree with Andy that you should push this and contact your IP directly.
We had a variation last year and were warned that we may have to pay for an extra 12 months as it was a big drop.Fortunately the creditors didnt ask for this and the variation was accepted.
