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Thinking about going ahead with an IVA?

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i England, Wales and Northern Ireland only

What is an IVA

Individual voluntary arrangement. Lump sum IVA

An IVA usually involves making 60 or 72 monthly payments. However, if you have a lump sum of money available, you may be able to use this to agree an IVA which lasts for a much shorter time.

An IVA is a legally binding agreement between you and your creditors and can only be made with the help of an insolvency practitioner (IP).

IVAs are arranged by StepChange Voluntary Arrangements, part of StepChange Debt Charity.

A lump sum IVA has the same benefits and risks as a regular IVA. Before considering an IVA as a debt solution, it’s important to make sure you fully understand the benefits and risks involved when entering an IVA.

There are no set up fees to be paid before your IVA is agreed.

Fees are detailed in your IVA proposal, which an IP will assist in drafting. Any fees have to be approved by creditors. Your IP will explain what fees you need to pay for your IVA.

They aren't available if you live in Scotland. In Scotland, a protected trust deed is a similar solution, but has different benefits, risks and fees associated with it.

Clare Lindley and James O'Carroll of StepChange Voluntary Arrangements are licensed to act as insolvency practitioners in the UK by the Insolvency Practitioners Association.

Is an IVA right for you?

mum at the table with bills

Thinking about going ahead with an IVA?

We're here to help. Free, online debt advice available now.

Get debt help

What is a lump sum payment to an IVA?

A lump sum payment could be money received from a third party like a family member, employer or friend.

It could also be from other sources such as a redundancy payment, proceeds from the sale of a house, or from an insurance claim.

How long does a lump sum IVA last?

After your IVA is set up, it’ll usually last for around six months although this can vary and the exact timeframes will change depending on your situation.

Once your IVA is complete, you’ll receive a certificate of completion.

Is a lump sum IVA right for me?

If you're considering an IVA, our online debt advice tool will be able to tell you if an IVA is suitable for you. If it's not, it'll recommend a different debt solution more suited to your situation.

If an IVA is the best solution for you, StepChange Voluntary Arrangements, our IVA service, will support you throughout the process.

"Get in touch with StepChange, you'll wish you'd done it sooner" Rob, Wiltshire

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StepChange Voluntary Arrangements is a registered trading name of Consumer Credit Counselling Service Voluntary Arrangements Limited, a wholly owned subsidiary of StepChange Debt Charity.