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i This solution is only available in England, Wales and Northern Ireland.

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?

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.

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

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 Remedy 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 situatiuon.

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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Read reviews of StepChange » Av. ratings for our service by DMP/DRO clients after 3 months.

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

We link to external websites where they contain relevant information for our visitors. We're not responsible for the content of these websites, or any infringement on your data rights under data protection regulations by any external website provider.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2018