Lump Sum IVA | Settlement IVAs

What is a Lump Sum IVA?

A Lump Sum IVA is an IVA application where all the debts are paid off via a lump sum contribution. In these cases the IVA can take just a few months to complete.

Who can apply for a Lump Sum IVA?

Anyone who meets the criteria for an IVA and can offer a lump sum contribution. The lump sum could come from releasing equity from your property or from a third party such as a friend or family member.

IVA Criteria

- Debts over £15,000
- 2 or more creditors
- At least £200 to offer creditors per month

If you meet the above criteria an IVA may be right for you and you could have a large portion of your debts legally written off.

What if I do not have enough equity to clear my debt?

Even if your debt is much more than your available equity, you may be able to get your creditors to wipe off some of your debts and accept your equity release as a full and final settlement through the lump sum IVA. Here you would get your creditors to accept just a percentage of the debt and legally wipe off the remaining balance. The lump sum IVA differs from a normal IVA as it can be done via just 1 payment instead of 60 monthly payments.

The lump sum should generally be at least 25% of the total debts.

Apply for an IVA

What is the process of applying for a Lump Sum IVA?

1) Contact us on 0800 043 0200 or fill out our Application Form and we will call you.

2) Tell us about your circumstances, debts, income, living costs etc

3) We will then discuss your options.

4) If a Lump Sum IVA is appropriate for your circumstances we can start working on your case.

5) We will draft your IVA proposal and send it to you for your review and signature .

6) We contact your creditors with your IVA proposal and ask them to accept it.

7) Upon acceptance you will start making payments as agreed in your proposal.

8) Upon successful completion of your IVA any remaining debts will be written off and you will be completely debt free.