Can the Creditors Extend Our IVA Even if We Have No Equity in Our House? – Ken

“Dear Jon,

My wife and I are in an IVA and have made all the payments for the last six years. We have no equity in our house at this point.

Can the creditors extend the Individual Voluntary Arrangement to eight years to make up for the lack of equity in our house?



Have you discussed this with the supervisor of your IVA? Or reviewed the original terms for the IVA?

Also, was there any equity in the property at any point?

I ask as usually the equity release is in the fifth year of an IVA, and if there is no equity, then there is little reason for an equity release, and yes, the IVA can be extended an additional 12 months, so six years in total.

I have not heard of an IVA being extended to eight (8) years, but it might be possible and the person to ask would be the supervisor of the IVA. To my experience and knowledge, once the IVA was extended the additional 12 months, it should be completed.

Let us know what you find out from the IVA supervisor.



Jon Emge is an experienced UK debt advisor who has helped thousands and thousands of people in the UK to deal with problem debt. Jon specialises in finding good solutions for problem debt using a variety of UK specific techniques.

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