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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. But if you have a lump sum of money you may be able to use this to agree your IVA ends earlier.

IVAs are arranged by StepChange Voluntary Arrangements, part of StepChange Debt Charity. In Scotland, a protected trust deed is a similar solution. This has different benefits, risks and fees.

An IVA is a legally binding agreement between you and the people you owe. It 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, you must make sure you fully understand the benefits and risks involved when entering an IVA.

There are no set up fees.

Once your IVA is in progress, there are fees. These will be included in your monthly repayments or lump sum payment.

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.

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.

mum at the table with bills

Thinking about going ahead with an IVA?

We are 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
  • Friend

It could also be from other sources such as:

  • A redundancy payment
  • Proceeds from the sale of a house
  • From an insurance claim

How long does a lump sum IVA last?

After your IVA is set up, it will last for around six months. This can vary, the exact length will depend on your situation.

Once your IVA is complete, you will get a certificate of completion.

Is a lump sum IVA right for me?

If you are thinking about an IVA, our online debt advice tool will be able to tell you if an IVA is suitable for you.

If an IVA is best 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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Read reviews of StepChange » Av. ratings for our service by DMP/DRO clients after 3 months.

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