www.iva.co.uk

I am approaching the end of my third year and have two questions. Firstly I notice some people on here seem to have a 6 year agreement - why is that and am I right thinking mine is standard at 5 years (plus the final year when it stays on my credit record) Secondly is there a review conducted at the end of the final year?

Hi dario,

Some creditors will insist on six years, depends upon the individual agreement. Northern Rock are well known for doing this.

Do you have an equity release clause? If not then you should conclude at five years, otherwise there is a good chance that it can continue on for a further twelve months.

There will be a review conducted at the end, just to make sure that you have paid across all monies due.

We have a 6 year iva-thanks to Northern Rock-our main creditor (cant complain-had over 20 years left on the loan with them !!!) plus the equity release clause which more than likely will take it to the 7 years.

This brought our minimum dividend up by 11p in the pound.

I don't think I have an equity release clause - not even sure I know what one is! Am pretty confident I don't have a six year IVA though with my job looking increasingly vulnerable I might end up having some kind of restructure - if I'm made redundant and they want the money as a windfall - I'm not likely to find another job at my age and definitely not likely to find one that pays enough to sustain the 1625 a month I pay to the IVA.
Hey ho - just keeping smiling till the worst happens. 29 months to go

how much!!!!!!

I think alot depends on if you own a property and if you have equity, then you have to re-mortgage or if you cannot get one, they request an extra 12 months payments.

If you don't own a property, then it normally finishes at the end of 5 years but each proposal with be individual so you need to check that first.

You can always call your IP to confirm when your final payment is due.

As others have said there is a final review in the final year at the end, just before the IVA comes to a close.

I would certainly check your proposal/chairmans report to make sure you don't have the equity release if you do own a property.

If not then you just keep going until the end of the 60 months with no problems.

Thanks - no property owned any longer - that was part of my problem I had a loan against it with First Plus. When the house got sold there was a shortfall and added to all the other credit cards etc I owed loadsa dosh - so my monthly repayment is 1625. That's why I dont wanna screw up on this - having paid out over 50k already I'd hate to end up not debt clear and having to go bankrupt or something just cos I get made redundant. as I said - hey ho - still smiling....

You'll be fine then! It will be finished in 60 months.

At my old place we all thought we were going to be made redundant...the chaps still there will have been living with the thought for over a year now and nothing's happened. Keep up the positive mental attitude. xx

Keep positive zega! I've no assets to protect so mine is a 60 month one too, at the end of the day if redundancy ends up on the cards you have ultimately tried your best to repay your debts.

Fingers crossed for you x