I have made all my payments including extended period for under payments and I am now being asked to sign a form of modifications to achieve a minimum of 65p in the pound is rescinded and that the the term of the arrangement is extended to 87 months to allow the supervisor sufficient time to pay final dividend and conclude the administration of the case.
What exactly does this mean and am I expected to make more payments.
Should I sign this form. I am at a loss as I thought this was over and done with now.
Check your paperwork and see what it says. You need to speak to your IP and clarify this.
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.
It sounds like ( and this is only a guess without being able to see everything) your original proposal had a minimum dividend clause in it (65p) -- which hasn't been reached and the IP is seeking to get that removed, so he can close the IVA. The extension to 87 months is probably the admin period he needs to tie everything up -- not extra payments ( I am guessing you are at around 81 months now, so an extra 6 months. )
Your IP can clarify.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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