I don't think there is a legal maximimum. Melanie had one once over 17 years.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
kallis3 wrote:
I don't think there is a legal maximimum. Melanie had one once over 17 years.
Thats shocking!! I was never told that when i entered my arrangment. Surley the creditors would be happy for the IVA to continue forever untill they get as much back as possible. Why would any IVA then finish after 5-6 years if they could run for an unlimited period????
The vast majority last five/six years, the one Mel had was an exception. Once your IVA is agreed then it usually lasts as long as it says on your report unless you have equity release, need to release a minimum dividend or have missed any payments.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi - is yours being extended and have you been advised why? Most are agreed for 60 payments but some start at 72 payments and then all the scenarios mentioned by Jan add extra time.
7 years is such a long time, imagine being tied up to paying funds back that long, IVA places loads of restrictions, i doubt i could survive that long, 4 years has been tough as it is.
Unfortunately, some people do have to do that, and it has to be preferable to struggling or spending years and years paying off a seemingly endless DMP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
antm wrote:
7 years is such a long time, imagine being tied up to paying funds back that long, IVA places loads of restrictions, i doubt i could survive that long, 4 years has been tough as it is.
At the moment my feelings would be better a 7 year IVA than Lord knows how long on a DMP, and definitely better than the nervous breakdown juggling with debt was threatening.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I guess you have to weigh up your options. Carrying on juggling credit and living in fear of the debt collector isn't feasible. For me personally, the length of an iva is directly related to the attractiveness of br! I have huge respect for anyone with a long iva as it shows enormous commitment.
Definitely...there will be a lot of disappointed iva-ers when it becomes possible to remortgage again!! I think it the psychology of it that's hard work.
This is one of the rare times I am happy to be off the property ladder! (fell off when made redundant 11 years ago, then prices went through the roof, so no getting back on)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
