I’m in a IVA and have just been informed that it will now go to it’s 7th year. My starting total was 24000 and as of now I’m on year 5 month 2 and have paid 19000 they have claimed 5000 in PPI’s I was expecting it to go into the 6th year but why would they want more than the 100 pence in the pound.
During an IVA you owe the full original debt, plus fees and possible statutory interest. But the question arises: WHY do they want to extend ?
Was the originally agreed term 5 years, or 6 ? Are you a homeowner ? Are there any arrears, or undeclared extra income they need to recover ? Was there an agreed minimum dividend (unusual, these days, but sometimes happens)?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
