spoken to our iva company because we are struggling but they want us to have smaller payments over a longer time but we just want to see an end to the iva we have 2 years left
I'm sorry to hear you are struggling, obviously it sounds like your IP is working with you to adjust your payments to make things easier for you, but invariably this obviously means in your case an extension to ensure you meet the dividend agreed at the outset of your IVA, surely it's better to pay a few months extra than struggle on with difficulty for the next couple of years?
Your IP can alter your payments by up to 15% without resorting to the creditors.
I think, but I could be wrong here, that if the term needs to be extended they would have to speak to the creditors to see if this is acceptable?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Ultimately your IP has an obligation to maximise the return for your credtors. As such, reducing your monthly payments to help you with increased living expenses but extending the term of your IVA so that your creditors do not lose out is a perfectly acceptable and fair way of doing things. Far better than simply refusing to help you with reducing your payments and risking the IVA failing.
Hi Tony - as the others have said, it is better to go with smaller payments over a longer period. You'll probably still finish the IVA before you would have paid all debts off given the rate of interest you were probably paying.
