www.iva.co.uk

Lookin at ur site i see that most iva's last a max of 5 years with a min payment of £120....I began my iva in 2009 payin £600 per mth ... during my iva I had a job change and spent 2 years in a job which had less pay resulting in not as much money bein able to be paid to my iva .., I still payed what they said was affordable £300 per month .. at that time the person in charge of our iva advised us that we would have to extend our time from 5 years to 6 years... ive had another change of job and have been payin £420 since and now the 5 years r almost complete which have been a real real struggle ....and im wonderin if that was good advice or wrong advice from our supervisor and if there is a way it can be finished within the 5 years...

Hi Angela welcome to the forum

Some IVAs have lower monthly payments and many run for longer than 5 years, quite often 6, 7 or longer. Your supervisor would have not given you wrong advice, they would be feeding back to you the requirements of the creditors to maintain the running of your IVA. I would have thought there would be a variation meeting to address the changes. If your IVA is based on a fixed dividend to your creditors, the term will need to be extended until that is reached due to a reduction in payments from the original amount. Who are you with, they may have a representative on here.

thanks for ur welcome.and reply tina... much appreciated even thou its not what I was hoping to hear.. so wanted the advice to b wrong cause this is so so hard . seems like everything is starting to need replaced and we havnt a spare penny ...just want it all to b over so we can breathe again .. and just be normal ...thankyou again for takin the time to answer me

6 years workin really hard and living like this def isn't to b recommended ... hope u enjoyed the invite to my pity party today lol .. sorry for moaning

Angela ... Look back to pre IVA days ... Bet you were robbing Peter to pay Paul, and struggling to make ends meet day in day out ! Imagine that debt level with interest now added and only the minimum payments having been made .......

Now look back over the last four or so years .... You have had a budget to live on, you have had set payments for your creditors, albeit some fluctuations due to changes in income .....you haven't had creditors chasing you,; ok you haven't been on exotic holidays, or been out every weekend living it up .... But you are now very close to being totally debt free and having had thousands of pounds written off by your creditors ! An IVA is not easy, no one says it is, but it is a useful tool to help you change your life and be able to move forwards.