IVA Extended to 6 Years – What You Can Do, FAQs & Tips

Are you trying to understand how an IVA can be extended to 6 years? This can be a difficult thing to get your head around.

Don’t worry, you’re not alone. Every month, over 170,000 people turn to our website seeking advice on debt solutions.

In this article, we’ll explain:

•  Why an IVA might get extended
•  What you can do if your IVA is extended
•  Ways to possibly write off some of your debt
•  Answers to frequently asked questions about IVAs

Some of our team have been in your shoes, so we know how you might be feeling. We’re here to guide you through this, step by step.

So, let’s start your journey to understanding IVAs better.

How Long Does it Usually Last?

There is no legal upper limit on the duration that all IVA last. The duration of this period is up to the creditors making the agreement with their debtors. However, as a standard, an IVA usually consists of 60 monthly payments. 

Each monthly payment is to be paid to your insolvency practitioner on time. Otherwise, youll risk losing your IVA.

Why Does Your IVA Extend?

An IVA usually extends for a number of reasons. The most common reason is that youve missed a monthly payment and are required to pay it back later after your agreement has ended.

This is important because if you miss a monthly payment or cant pay the minimum amount on your IVA, your creditors will lose trust and you will risk failure of the agreement.

In such a situation, reach out to your insolvency practitioner as any IVA information or advice can be obtained from him.

What can You Do When Your IVA is Extended

If your IVA is extended because of missed payments, the only way of getting out of the agreement is to pay the scheduled payments in full and make the IVA end. Usually, an IVA is ruled by the Financial Conduct Authority and court action can be taken if the IVA fails.