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).
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.
There are fees once your IVA is in progress, but these will be included in your monthly repayments or lump sum payment and are set by your creditors.
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.
Is an IVA right for you?