Get expert opinion. This is the place for new questions to be posted.
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bane
- Posts: 22
- Joined: Thu Nov 01, 2012 3:52 pm
- Location: United Kingdom
Can they extend my IVA?
If so what is the maximum time?
Been in IVA for 2 years
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creditcrunched
- Posts: 141
- Joined: Thu Aug 28, 2008 1:46 pm
- Location: United Kingdom
it can be extended if you fall behind with payments or cant raise enough equity usually iva`s dont go over 72 months
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bane
- Posts: 22
- Joined: Thu Nov 01, 2012 3:52 pm
- Location: United Kingdom
ok thanks
Can they make me release equity if im behind?
What happens if we have no equity?
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nemo1
- Posts: 33
- Joined: Sat Aug 30, 2008 4:49 pm
- Location: United Kingdom
hello smokey new to the gang are you
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creditcrunched
- Posts: 141
- Joined: Thu Aug 28, 2008 1:46 pm
- Location: United Kingdom
have you got a clause were yu need to release some at a later date?if not then they cant ask for any
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bane
- Posts: 22
- Joined: Thu Nov 01, 2012 3:52 pm
- Location: United Kingdom
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creditcrunched
- Posts: 141
- Joined: Thu Aug 28, 2008 1:46 pm
- Location: United Kingdom
if you have an equity release clause and cant raise the cash then usually the iva will run an extra 12 months depending on how much equity you are needing to add
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Cybus
- Posts: 392
- Joined: Fri Jul 13, 2007 7:44 pm
- Location: United Kingdom
An IVA can be extended to any length IF your creditors agree to it. The maximum amount of time is therefore whatever the creditors agree to.
From your post, correct me if I am wrong, I believe that you are currently in arrears with your contributions. Have you advised your Supervisor the reason for this and discussed it with him / her?
If not, I would urge you to do so as soon as practicably possible
Tell it like it is.
