how long can an IVA go on for

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sjbyron

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Post by sjbyron » Wed Jun 04, 2008 8:51 pm
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Hi
im in an IVA (My second) with Freeman Jones, they are excellent,as are Think (now that i see what the other banks provide, and the problems such as waiting times are sorted)
However becuase ive lost my job i cant afford the IVA,

Im paying £313 a month for 60 months, i was wondering if i could offer
£120 a month for 100 months, or would that not be possible?

Thanks
Stu J Byron
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Adam Davies

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Post by Adam Davies » Wed Jun 04, 2008 9:13 pm
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Hi
It will be upto your creditors,however it will be very unlikely because of the costs involved by your IP in supervising your IVA.
Typically an IP will charge approx 1k a year to supervise an IVA so less than £500 per year will go to the creditor,in your case.
Why not ask for a payment break whilst searching for new employment
Good Luck
Andam Davies
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plasticdaft

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Post by plasticdaft » Wed Jun 04, 2008 9:22 pm
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Good luck in finding a new job quickly.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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sjbyron

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Post by sjbyron » Wed Jun 04, 2008 11:25 pm
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Hi
my IVA Supervisor said becuase im only at the begining of my IVA, I cant have a payment break.

It would be beneficial to have a 6 month break, but dont think I will get it.

Stu
Stu J Byron
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