does an IVA have to last 5 years?

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a1d

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Post by a1d » Sat Mar 22, 2008 10:32 pm
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Hi, I'm new to this forum and I'm considering an IVA. I just wanted to find out whether an IVA has to last 5 years? Can it be completed in less time?

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MelanieGiles

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Post by MelanieGiles » Sat Mar 22, 2008 11:30 pm
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Hi aid and welcome to the forum

If the IVA is to be based upon monthly contributions, you will struggle to get one accepted in a lesser time unless you are coming up to retirement age - or are able to pay off all of your debts earlier, in which case an IVA is probably not the right solution for you.

If the IVA is to be based upon the realisation of an asset, or a third party contribution, then this will probably last for just one year.
Regards, Melanie Giles, Insolvency Practitioner
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