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?