IVA : Lump Sum IVA

Not All Individual Voluntary Arrangements (IVAs) last 5 years.

It is possible to arrange an Individual Voluntary Arrangement (IVA) that begins and ends with only one payment being made.

This is sometimes referred to as a "Lump Sum" Individual Voluntary Arrangement (IVA).

The process begins the same as a regular Individual Voluntary Arrangement (IVA), with the debtor giving all their relevant details to an Insolvency Practitioner (IP).

The Insolvency Practitioner (IP) will then draft the Individual Voluntary Arrangement (IVA) proposal outlining the intentions of the debtor making just one lump sum Individual Voluntary Arrangement (IVA) payment.

All benefits of an Individual Voluntary Arrangement (IVA) still apply but, because there is no need for the Insolvency Practitioner (IP) to supervise the Individual Voluntary Arrangement (IVA) for the normal 5 years, there is a reduction in the fees that the Insolvency Practitioner (IP) will charge for the lump sum Individual Voluntary Arrangement (IVA) to the creditors.

This, of course, means the creditors will be able to retain more of the recovered money from the lump sum Individual Voluntary Arrangement (IVA) fund, which in turn adds to the chances of a lump sum Individual Voluntary Arrangement (IVA) being acceptable to the creditors

For more information on Lump Sum Individual Voluntary Arrangements (IVAs), call myIVA-Adviser.com on 0800 088 7503 where you can discuss your circumstances with one of our experienced Individual Voluntary Arrangement (IVA) advisers, anytime.

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