We have paid in so far £20,000 approx from paying £500 mthly,we have had a couple of payment breaks for death in the family etc etc.
Due to my company restructure(loss of supervisor role)& my partners business closing & she has now found a permanent job(lot less salary).we are now only able to pay £253 mthly.
My ip has just informed me that this will be put forward to the creditors but they might ask for an extension to 6 years because of our reduced payments,
My question is,i have never heard of a iva being extended because of reduced contributions,ive only known it be extended because of unable to remortgage.
I asked my ip whom said he would look into it as im worried that they will now extend my iva payments to 72 mths & also extend again,perhaps for a further 12 mths when i know we will not be in a position to remortgage next year.
Any advice much appreciated
It may be possible that your creditors will ask for an extension. However if you can remortgage in the fith year and release equity the extra cost of your mortgage will mean that your payments will no longer be viable so I would expect your IVA to end once you remortgage. If you can't remortgage there is a possibility that your creditors will ask for an extension again, however I would hope that this would not go beyond the six years
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