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[razor]

Can IVAs go on for longer than 5 years? Also is it possible to finish an IVA sooner than the period of time that has been agreed?

Thanks

[Senior Insolvency Practit]

An IVA can go on for whatever period you put forward in your proposal to creditors though creditors don't usually want the proposal to go on for more than 5 years.

If your arrangement is initially for five years it may be extended with the agreement of creditors if you need a payment hoilday for a good reson such as; job loss necessitating a payment break while you find a new job.
The concusion of the arrangement can be brought forward, again with the agreement of creditor, if you are able to offer a lump sum (from a third party) in full and final settlement of the debts.

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