cyril wrote:I have just completed my Iva which lasted over 7 yrs so this 5 yr plan is false. I lost my house they took my lump sum of my pension and I was paying over 427 a month for 7 yrs. I owed 43000 and ended up paying more than 56000 back so I would advise people. DO NOT ENTER AN IVA THEY USE LEGAL LOOP HOLES TO MAKE YOUR LIFE A MISERY. I HAVE LOST EVERYTHING THRU AN IVA DO NOT TRUST ANY OF THEM
Sorry to hear that your IVA didn't work for you. IVAs work for the majority of those who enter them -- yes, some go awry for a variety of reasons, as things do in all walks of life. I, too, am curious as to why you lost your house.
Regarding a "5 year IVA" taking 7 -- this happens -- sometimes the IVA gets extended at the outset and often extended in lieu of equity -- this is all in the paperwork you would have agreed to and signed.
Most in IVAs delay pension lump sum draw downs during the term -- it is, again, included in the paperwork that such windfalls will be payable into the IVA if you get them while in the IVA. Most choose to defer this payment until the IVA has concluded.
On a £43k debt, I would expect the IVA to be "settled" after receipt of around £70k in a 7 year period. So, your payment of £53k falls short of a full settlement --- paying the debts, including contractual interest without an IVA would probably have cost more and you might have been forced into bankruptcy anyway.