Answer Upon - Finance

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editors, and the IVA concludes on receipt of the one payment. As with all successfully completed IVAs, the balance of any debt that hasn't been repaid is written off by the creditors, leaving the debtor debt free. Because the IVA is a binding agreement, the creditors are unable to accept the funds and then change their minds and ask for further repayments. The debt is legally settled.

There are advantages for the creditors too of course. They receive a repayment from a debtor who would have struggled to repay the debt, as there

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People who are in serious debt in the U.K. have the option of proposing an IVA, or Individual Voluntary Arrangement to their creditors as a means of clearing their debt whilst avoiding Bankruptcy.

An IVA will generally lasts for 5 years, over which time, monthly repayments are made to the creditors through an insolvency practitioner, but when the correct circumstances are in place, it is possible to propose an IVA that consists of just one payment.

This IVA is referred to as a 'Full and Final Settlement' or 'Lump Sum IVA'.

The circumstances that tend to favour the 'Lump Sum' IVA as an option are quite specific and not all potential IVA cases will be suitable.

Firstly, the debtor must qualify for an IVA under the normal criteria of having over ?15,000 in unsecured debts which are owed to a minimum of 4 creditors.

Secondly, the debtor must have very little, if any, disposable income with which to make their monthly contributions.

Thirdly, the debtor will need to have access to enough releasable equity from a property they own, or know a third party that is prepared to introduce a sufficiently high lump sum and act as their benefactor.

Fourthly, the lump sum should be at least 25% of the total debts, plus enough excess left over to cover the costs to the creditors.

When these conditions arise, a 'Full and Final Settlement' IVA or 'Lump Sum IVA' becomes a distinct possibility.

The initial stages of the IVA are the same as ever. An Insolvency Practitioner is chosen to act on behalf of the debtor and they gather all the relevant paperwork and details required for the proposal to the creditors. It is likely the Insolvency Practitioner will request the settlement funds be transferred to their client account whilst preparations for the IVA are being made, and they would hold the funds there ready for the transfer to the creditors as soon as the IVA has been agreed.

Once the IVA has been agreed by the creditors in the normal manner, all the benefits of a standard IVA apply, but instead of making monthly contributions for 5 years, the lump sum is transferred to the creditors, and the IVA concludes on receipt of the one payment. As with all successfully completed IVAs, the balance of any debt that hasn't been repaid is written off by the creditors, leaving the debtor debt free. Because the IVA is a binding agreement, the creditors are unable to accept the funds and then change their minds and ask for further repayments. The debt is legally settled.

There are advantages for the creditors too of course. They receive a repayment from a debtor who would have struggled to repay the debt, as there i

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The circumstances that tend to favour the 'Lump Sum' IVA as an option are quite specific and not all potential IVA cases will be suitable.

Firstly, the debtor must qualify for an IVA under the normal criteria of having over ?15,000 in unsecured debts which are owed to a minimum of 4 creditors.

Secondly, the debtor must have very little, if any, disposable income with which to make their monthly contributions.

Fourthly, the lump sum should be at least 25% of the total debts, plus enough excess left over to cover the costs to the creditors.

When these conditions arise, a 'Full and Final Settlement' IVA or 'Lump Sum IVA' becomes a distinct possibility.

There are advantages for the creditors too of course. They receive a repayment from a debtor who would have struggled to repay the debt, as there

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know a third party that is prepared to introduce a sufficiently high lump sum and act as their benefactor.

Fourthly, the lump sum should be at least 25% of the total debts, plus enough excess left over to cover the costs to the creditors.

When these conditions arise, a 'Full and Final Settlement' IVA or 'Lump Sum IVA' becomes a distinct possibility.

There are advantages for the creditors too of course. They receive a repayment from a debtor who would have struggled to repay the debt, as there

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and details required for the proposal to the creditors. It is likely the Insolvency Practitioner will request the settlement funds be transferred to their client account whilst preparations for the IVA are being made, and they would hold the funds there ready for the transfer to the creditors as soon as the IVA has been agreed.

There are advantages for the creditors too of course. They receive a repayment from a debtor who would have struggled to repay the debt, as there

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The next line could be, "Will it Derail Your Sale?" We have seen it go both ways, unfortunately. If a deal does blow up, everybody looses. The seller has spent six months of divided focus and many of the normal business development activities have been put on the back burner. His or her business will simply not be as strong if the business sale process is not completed.Normally a

There are advantages for the creditors too of course. They receive a repayment from a debtor who would have struggled to repay the debt, as there is little if any surplus income. They receive a lump sum immediately rather than having to wait for a long winded return, and also because the IVA finishes so quickly, the fees the creditors have to pay to the Insolvency Practitioner are reduced, leaving them with a higher return from the debt.

A Lump Sum IVA will not always be a suitable solution, but when the circumstances are fitting, it really is a great option.

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Answer Upon - The Lump Sum IVA: A Full And Final Settlement

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