Full and final IVA - FAQ’s
What is a Full and Final IVA?
A "Full and Final" IVA (Individual Voluntary Arrangement), whilst similar in idea to a
regular IVA, is carried out much differently. A "Full and Final Settlement" IVA is often
called a "Lump Sum IVA" because it involves one lump sum payment that covers all
pre-existing debts owed and legally clears the debtor of further obligation to those
creditors.
How will I qualify for this?
You must meet the regular IVA qualifications (please see our IVA section) and be
having financial difficulties and a low disposable income (total income with reasonable
costs of living, including any new loans, subtracted from the total). The Full and Final
IVA is legally binding and all debts will be settled after the one payment.
What if I don't have the lump sum available right now?
Usually a full & final IVA will only be approved if you can demonstrate that the lump
sum is available. The lump sum could be raised by remortgaging, through a secured
loan, sale of a property or from a third party.
To find the best solution for you Contact Simply Debt Solutions or Send Your Details to
The Debt Advisor today.
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