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

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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, you’ll risk losing your IVA.

» TAKE ACTION NOW: Fill out the short debt form

Why Does Your IVA Extend?

An IVA usually extends for a number of reasons. The most common reason is that you’ve 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 can’t 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.

How a debt solution could help

Some debt solutions can:

Stop nasty calls from creditors
Freeze interest and charges
Reduce your monthly payments

A few debt solutions can even result in writing off some of your debt.

Here’s an example:

Situation

Monthly income	£2,504
Monthly expenses	£2,345
Total debt	£32,049

Monthly debt repayments

Before	£587
After	£158

£429 reduction in monthly payments

If you want to learn what debt solutions are available to you, click the button below to get started.

Get started

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.

Frequently Asked Questions (FAQs)

Can my IVA Extend Further than 6 Years?

Yes, if you miss your scheduled debt payments, your IVA can go past the 6 years mark.

Should I Pay my IVA Earlier?

Yes, if it’s possible, you should pay your IVA early. This way your IVA will end before 5 years and you won’t even have to go to 6.

Does Extended IVA Affect Credit Report?

Your IVA will come on your credit report for 6 years from the day that it was approved. If your agreement is extended, it remains on your credit report for as long as it’s not cleared completely. You can even end your agreement under 12 months.