Lump Sum IVA

A lump sum IVA or Full and Final Settlement IVA is an IVA where all of the debts owed are settled with one lump sum payment. This type of IVA can be completed in as little as a few months. Creditors can accept a reduced amount as a settlement of the debt as it may be their only chances of recovering some of the debt owed.

A Lump sum IVA could be an option for you, if you are struggling to pay your debts or owe a lot of money that you cannot pay, but you have the ability to gain access a lump sum of money... i.e. Equity on a house or property or even if you know someone that would be willing to help you settle your debt with a lump sum payment. Other examples are if you are left a windfall of money or assets in a will, or win a sum of money, or are even given a gift of money.

All advice is free, private and confidential. Your information will never be passed to any third parties.

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Criteria for a Lump sum IVA

There is a set criteria you must meet when applying for a lump sum IVA. Anyone who meets this criteria for an IVA and has all debts solely in their name or jointly with another person can apply for an IVA.

You should have debts of £10,000 or above.

You should have 2 or more creditors.

You are struggling or cannot afford to keep up with debt repayments.

You have some sort of asset or access to a substantial amount of money for a Lump Sum Payment which can go towards settling the debt as a full and final settlement.

Apply for a Full and Final IVA

If you are thinking about applying for an IVA fill in the form on this page and one of our advisors will contact you to discuss your options.

When we contact you we will carry out an income and expenditure analysis which is a financial review of all your incomings and outgoings and also discuss your options of dealing with the debt with a lump sum payment and what your creditors might deem an acceptable amount for settling the debts owed.

If an IVA is your best option for dealing with your debt and you decide that you want to proceed, we can draft your IVA proposal. We will send it to you so that you can review and sign it. We then contact your creditors with your IVA proposal and they have the option to vote in favour of it or reject/suggest amendments. If the IVA proposal is accepted you will make the lump sum payment as agreed in the proposal. When you complete your IVA the remainder of your debts will be written of and you will be totally Debt Free.

In some cases your IVA proposal may be turned down, read about rejected IVAs in our IVA faqs section for more information.

First Class. I was in was in a mess with my debts, but the way they sorted out all my problems and made life less stressful was great. The service and speed in which they sorted my IVA was superb.

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From the first phone call I found the staff so helpful and supportive. The staff that I dealt with were very professional and knowledgeable. I would highly recommend this company.

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From start to finish i have been supported and made to feel secure in the knowledge they know what they are doing, answering any questions and making sure I understood all aspects of the agreement.

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In the UK, consumer credit activities are covered by the Institute of Chartered Accountants in Scotland, Group Licence number G/900011

ivanorthernireland.co.uk is owned by McCambridge Duffy who are one of the leading insolvency firms in the UK and Northern Ireland. McCambridge Duffy provide IVAs and other Insolvency solutions. On our site you will find information on debt solutions, both formal and informal. We provide this information so you have a clear overview of the options available for dealing with your debts. We do not offer informal debt solutions, so if an insolvency solution is not your recommended course of action, we will, with your permission, refer you to an appropriate provider that can assist you further.

All advice is free and confidential and we do not charge any upfront fees for our services. A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any debt repayment plan. Repaying debt over a longer period may increase the total amount to be repaid.