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Posted: Wed Jul 27, 2011 8:33 pm
by Nicola.ws
I have only recenly started an IVA and knew nothing about them before hand, however eveyone seems to be saying there IVA is for 5 yrs (60 payments) does anybody know why mine is 72 payments (6yrs) or is this this case in some IVA's
Posted: Wed Jul 27, 2011 8:38 pm
by Broke of London
There's no set term for an iva though they generally seem to run for five or six years. It could be to help you meet a certain dividend acceptable to your creditors or it could be that a creditor requested six years or any number of variables. Is northern rock one of your creditors? They often ask for six years.
Posted: Wed Jul 27, 2011 8:41 pm
by kallis3
Hi and welcome to the forum.
You should have been told at the time that this was a 72 month IVA. Was Northern Rock one of your creditors as BOL asks?
Which company are you with?
Posted: Wed Jul 27, 2011 8:52 pm
by Nicola.ws
Our IVA is with Grant Thornton, Northern Rock isnt one of our creditors. They did say 72 months but just got a little concerned when most posts on here were regarding 5 yrs.
Thanks for the advice
Posted: Wed Jul 27, 2011 8:56 pm
by Foggy
Northern Rock is the problem here -- they usually ask for ( among other things) a 6 year term. Should be detailed in your Chairman's report.
Posted: Wed Jul 27, 2011 9:00 pm
by pm5
My IVA is for 72 months, this was one of the conditions I had to agree with at my proposal in order for my creditors to agree to my IVA.
It did seem a bit daunting at first however time has flied really & ive only 2 years left to go so I can see a light at last.
Posted: Wed Jul 27, 2011 9:02 pm
by kallis3
Northern Rock doesn't sound as though it is a problem Foggy as they are not one of the creditors. Unless of course she has got it wrong in the last post!
What does it say in your chairmans report/proposal Nicola?
Posted: Wed Jul 27, 2011 9:08 pm
by Foggy
Yes, apologies, Jan. mis-read the "isn't"
Should've gone to specsavers.
Posted: Wed Jul 27, 2011 9:15 pm
by kallis3
It maybe that the OP mis typed and they are a creditor. We need her to come back and tell us.
Posted: Wed Jul 27, 2011 9:15 pm
by Kazzy E
Hi Nicola - my IVA has a 72 month term, but Northern Rock are one our biggest creditors, hence the extended term. Have a good look through your Chairman's report and see whether it lists anything in there. I would say you should be able to find the details amongst your paperwork.
Kazzy
Posted: Wed Jul 27, 2011 9:23 pm
by kazzafunk
Possibly to get a better dividend.
Bit worrying that the IVA is with GT though as it was them that wanted 72 months on mine on behalf of Barclaycard. Until the mightly Michael Peoples got involved!! LOL
Wonder if they are trying to set a new trend ?
Posted: Thu Jul 28, 2011 12:11 am
by MelanieGiles
Did you bribe Michael with Barry's latest CD Kazza!
Posted: Thu Jul 28, 2011 12:29 am
by Grumple
Ours was 72 months but will now be ending early due to illness, we don't have Northern Rock as creditors. You will be surprised at how quickly it passes.
Posted: Thu Jul 28, 2011 7:49 pm
by Sarah1967
Northern Rock are my biggest creditor so does that mean I'll be in a 72 month IVA for sure?
Posted: Thu Jul 28, 2011 9:27 pm
by Nicola.ws
Sorry for the delay. Northern Rock are not one of the people we owed money to but barclays are as somebody else mentioned. Maybe thats why they did it over 72. Seems so far away but as you all say it will fly by.
Thanks for all your advice, wish I had been on here before we started the process. I would have known more about it.