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What is an IVA

Lump sum IVA. What is it?

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.

Is an IVA right for you?

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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.

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