www.iva.co.uk

hi all
i have an iva for 6 years is this normal? and if not can i do anything to challenge it

carl

IVAs can last any amount of time but five or six years seems to be the norm. If you challenged the iva and got it overturned, what would you do instead?

Hi Carl and welcome.

Do you have an equity clause or were Northern Rock one of your creditors. In both cases a six year IVA is the norm.

Mine will be 6 years as I have an equity clause which I don't be able to release so I'm in for the full 6 years, unless I win the lottery of course!!

Mine is 6 years could be 7 years if I have equity release. The clue to IVAs is what the I stands for Induvidual. We all have similar conditions but length & repayment % is dependent on your circumstances. Alot of IVAs are 5 years but not all! What would you have done without it?

It seems to me that a lot of creditors are now asking for 6 years instead of 5 + another for people who cannot release equity. I'm glad I've started my IVA now as in a few years time it will be a 10 year IVA! lol

Mine is a 6 year. Northern Rock were the reason for this. Might even be 7 if my House goes up in value.

I hope for your sake that it doesn't Shaun!

We already have equity but are not with NR fortunately! We do have the extra year though.

Cross fingers, the house would have to increase quite a lot for that to happen as we currently in negative.

I wish mine was at times!!

Northern Rock asked for an extra year in the modifications, also that we pay 50% over from any extra income.
So we are resigned to the fact we will be paying 7 years, unless the housing market stagnates for a little while longer (I wish!!)[:D].

Who knows when it's going to alter Andrea? Things are not improving much at the moment.

7 years doesnt worry me one little bit, 5,6,7-what does it matter???
It would have been an infinite amount of years for us if we hadnt have gone for the iva.
Didnt worry when Northern Rock asked for an extra year-they would have gotten 22 out of us if it wasnt for a change in circumstances, the equity clause is just a formality, we know the extra year will have to be paid and so be it.
Best to accept what has been agreed and be thankful that the creditors have been willing to write off the interest we all agreed to pay when signing for the money we willingly borrowed.

Our DMP would have lasted for twenty years if we'd carried on with it - we'd both be pushing the daisies up by that point!!

I'm thankful that we can see a light at the end of the tunnel and am very grateful for a second chance!

Ivas can be a bit of a drudge sometimes but this thread about how long we would be repaying loans makes me remember what a privilege it is. I couldn't keep up with the interest or stop myself spending when I chipped away at a balance so I would have been in debt forever!!