Too many questions!

[JoeB]

Can you do an IVA over 6 years?

[MelanieGiles]

Yes - it is possible to do it over whatever period you like, but of course creditors generally like a five year maximum. If there are good reasons for the sixth year - ie to address equity in a property - then I am sure that this will be acceptable to your creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[MelanieGiles]

Hi ggr

That would be commendable, and interesting to see how creditors react. Can you keep us posted?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Oliver]

We have recently proposed and have had accepted a number of 6 year IVAs. The reason for lengthening the period of the IVA was because of low Disposable incomes which would not have reached the minimum dividend required over a period of 5 years even with greatly reduced IP fees. I would not like to see the "normal" period of an IVA increased from 5 to 6 years but in instances where people could not go Bankrupt due to their profession and where informal debt management plans are not a viable option, 6 year IVAs are a useful tool.

Best Regards
Oliver

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