Hi I've been in an IVA for 18 months when my circu

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helenc
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by helenc » Mon Jan 25, 2010 6:13 pm
Hi I've been in an IVA for 18 months when my circumstances changed and I was required to lower my monthly payments. My IVA company arranged this but told me I needed to pay for a further year so it was like starting all over again. I thought that IVA's were only for 5 years? What if my circumstances change again and I need to lower my payments further, could an IVA go on forever? thanks

 

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MelanieGiles
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by MelanieGiles » Mon Jan 25, 2010 7:33 pm
An IVA should not go on forever, and you should only be asked to pay for longer if creditors specifically request this and you agree to the extension - unless your IVA proposal provides for this of course.
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