IVA - lump sum

theflowergirl

hi

has anyone gone through an iva offering a lump sum payment? A family member is offering me a lump sum which is super kind of them.

just wondered if anyone had gone through this, I'm assuming your credit rating is still shot to pieces for the same length as time, but do you still have yearly reviews with your ip and review your soa on an annual basis? Or does the iva finish a lot earlier, say after 1yr and then all done and dusted (you can tell i've no idea)...

im assuming this will be all written down in the proposal which is in the post to me, but no post yet :-(

can't wait to get all this mess sorted.

thanks for your help.

FoggyBrain_2

Hi. If you do a F&F IVA, it will only last a couple of months ---- basically until the IP can share the monies and issue you a completion certificate. That, then, is all there is to it -- debts gone and finished with. No reviews at all. But, yes, your credit record will be shot for 6 years, until record of the IVA drops off the file.

As you say, everything will be in the proposal -- read it carefully and come back and ask any questions that come up.

Best of luck.

theflowergirl

thanks foggy brain, and no doubt i'll be back asking LOTS more questions!!