Hi I have been paying into my IVA for 59 months it was extended by 5 months in the early part of the agreement as I had not increased the payments so thought I would be finished september. However as I cant get a re mortgage they want to offer the creditors another 12 months. Is this possible as I thought there was some sort of time scale for an IVA and didnt think it stretched as much as 78 months which it will be if they extend it. Please advise
An IVA can last for as long as the proposal states - and can be extended if necessary, although you would have to agree for this to happen.
Make sure that you would really need to extend the term as I only do this for my clients where the proposal dictates. If you have complied with the equity release provisions, and there is either no equity or you cannot raise it by way of a re-mortgage, then it may not be necessary to extend at all, but your own IP will be able to clarify this for you.
