There are three statements in my proposal I need to get clarified. My approval date was the 24/03/2006
7.1 I propose that the duration of the Voluntary Arrangement be for 5 years 3 months, commencing from the date of approval.
7.2 Any extension in time will be at the Supervior's sole discretion and the arrangement may terminate earlier should there be a payment in full
AND interestingly....
5.1 It is proposed that I will make voluntary contributions of £30,300. This consists of 60 payments of £430 each and 1 payment from my endownment policy of £4,500.........
So the duration of the IVA is 63 months but the number of payments is 60, so I'm now well confused. I probably need to speak to my IP when I get a chance to but if I'm reading this right then my final payment is going to be in March next year, but the IVA will continue for a further 3 months with no payments in those 3 months. (That's well confusing and I don't understand why these 3 months with no payments)
Also when would there be an extension in time at the superviors descretion?
I've paid in well in excess of the amounts above as a result of a promotion gained within a couple of months of starting my IVA and not missed a payment yet touch wood so hope there will be no extensions.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I would suggest that you only have to pay 60 months plus the endowment monies, but that the additional three months is for final closing admin which would appear reasonable.
