My wife and I are in a 5 year IVA, which started in Jan 2007, due to finish Jan 2012.
But, at the end of the 5 year period there was a clause which stated I had to make a payment of £12000. I cannot find anywhere in the IVA agreement stating, should I not be able to pay the final amount, what actually happens, does it continue for 1 year or does it finish?
What seems to be the Norm in situations like this?
Does it say where the money is to come from? Is it equity release?
You may find that if you can't find it, your IP will have to go back to the creditors to ask for an extension.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk