Term extension

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andrea951
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by andrea951 » Sat Jan 12, 2019 11:03 am
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for under payments and I am now being asked to sign a form of modifications to achieve a minimum of 65p in the pound is rescinded and that the the term of the arrangement is extended to 87 months to allow the supervisor sufficient time to pay final dividend and conclude the administration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.
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kallis3
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by kallis3 » Sat Jan 12, 2019 11:16 am
Check your paperwork and see what it says. You need to speak to your IP and clarify this.
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Foggy
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by Foggy » Sat Jan 12, 2019 11:20 am
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.
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