Most IVA's do run for five years, however Northern Rock are well known for pushing for 6 years.
If you have equity release and you cannot remortgage or the payments are more than 50% of your IVA payments then your IVA usually continues for another year.
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
It is standard for an IVA to run 5 years but these days they will contain a clause asking you to remortgage your property after 54 months if there is any equity in your property. If there is equity and you cannot remortgage (as would be likely) they will make you to extend your IVA by another 12 months. So 6 years in total.
Some creditors (like Northern C*ck) may insist that your IVA is for 6 years (plus the possible extra year).
I think there is another thread on the 6/7 year thing.
Kallis has answered the technical points - I live hundreds of miles from Melanie - meeting was on the phone and a very enjoyable one at that it was. I do not know anything about your case but let me just tell you mine was very difficult for sevral reasons - I wanted alot in the IVA and alot out of it - many ompanies told me I would not stand a chance - Melanie got it through on the very first attempt. On top of all that she has helped my son with his wish to be a TA commissioned officer - nothing - whatever it is - is too much trouble for her.
Kallis thanks for this - I am confused by your comment on " If you have equity release and you cannot remortgage or the payments are more than 50% of your IVA payments then your IVA usually continues for another year. " Do you mean if the additional payments to the mortgage company due to the remortgage, is more than 50% of the monthly IVA amount ? Sorry if I am being a bit thick here.
Hi Snowmonkey, if you have equity in the property then the creditors will want to get back as much as possible of this against the orginal debt amount. However, the maximum you would be expected to remortage for is an 85% LTV. For most people they would be much, much better making 12 further payments and leaving the mortgage well alone, as this will lead to less paid back.
Example. If you got a remortgaging quote of £1000 per month. You would only have to remortage if your monthly IVA payment is £2000 or over.
I think this clause means that for the majority of people, they do not remortgage but pay an extra year.
No need to meet up personally - only if you are self-employed which I don't think that you are. I actually now do the majority of my work via e-mail and the telephone these days - we don't even have paper in the office any more as everything is electronic - so there is no problem in dealing with your case from afar.
But if you do feel that you need to use a more local IP, then the Yellow Pages or www.iva.com will give you a goodly selectin to choose from.
Thanks Mel, to be honest given the comments on here re your service I would look to go with yourself as I dont want to start looking for a local IP just because they are down the road if you are happy to take this from a distance.
The important thing is not about location but being happy with whom you choose to represent you. Try www.iva.com for reviews and this will give you an idea of how other people feel about the service they have been given.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
