www.iva.co.uk

Can an iva go longer than 7 years?

I Started the arrangment on the 24th of april 2006 and Still waiting for cc due to ppi claims,Will i still have to wait for all ppi monies to be paid in or will it be finished on the 7th year?

Any information would be great.

IVA's are bespoke agreements and can last up to 7 years, however this is unusual. There are some cases (a very small minority) which extend longer than 7 years and this is usually down to changes in circumstances and modifications etc. Which IVA company are you with?

Im with varden nuttals,I think theres just one company not replying to the ppi claim which is causing delay.

Just wondered if it will continue past the seventh year.

I once supervised an IVA which was set to run for 17 years (I was not the nominee but inherited the case when my firm purchased a small portfolio from a retiring IP). It failed, as the debtor stopped paying after about 4 years, and I hd to make him bankrupt.

I suspect your posting relates to a delayed closure, rather than the term originally being proposed at 7 years.

soon be starting year 8 of iva!!!biggest mistake of my life!!!!

6 years and one month for me so far in iva at the rate things are going I maybe heading for 7 years, 8 years is too long to wait.

Hi Adiellis - are you still paying into your IVA or is it just the fact it hasn't closed yet?

hi tina,I finished paying over two years ago,but they have been chasing ppi claims since.
They have just told me they have sent of a variation to the creditors where if they agree they can issue a certifacate while chasing ppi,So things seem to be moving on just incredibly slow

There have been problems with PPI issues but the IP firms have done their best to close cases where possible. Hopefully VN can close yours soon as they do not want to keep files open if they do not have to.

soon be 8 years into my IVA can honestly say deciding to enter this arrangement was the biggest mistake of my life!!!!

What reasons are they giving for the delay in closing your case, and are they providing you with regular progress updates? It is a shame that this is giving you a poor view of how IVAs actually operate, but I feel sure that there must be good reasons for this as no IP wants to keep cases open longer than they need to.

The first reason was the vat issue i think(was a long time ago)before that issue was resolved the ppi issues came into play which they have been chasing since and still are.Now they say they can close while chasing ppi due to a variation meeting,but surprise surprise theres going to be more of a delay due to something to do with tax on ppi refunds

All of those issues have caused some challenging times for IPs generally adiellis, but I do hope that your own particular case can be resolved soon.

Finally looks like im there, certificate of completion received today by e mail,happy days time to move forward,Can anyone tell me where you need to send it, credit agencies etc thankyou!!!!

Great news

Have a look here:

http://pjgrecovery.com/clean-up-credit-rating.asp