Can my iva be extended at the end of the 5 years?

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paul418
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by paul418 » Thu Jul 06, 2017 6:21 pm
I'm in the last year of my 5 year Iva. I've never missed a payment. I've made extra payments when I've received extra overtime and bonuses etc. I don't own a house. Therefore can my iva be extended at the end of the 5 years??????
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Foggy
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by Foggy » Thu Jul 06, 2017 6:33 pm
If you have no arrears or unaccounted for extra income (and, of course, no property to deal with) the only reason to, possibly, extend, that I can think of, would be if a previously undeclared or unsubstantiated debt reduced the dividend.

This is in regard to the number of payments --- the term can be extended for admnistration to be concluded before the issue of a completion certificate, as usually detailed in the proposal under the relevant section.
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