Length of Lump Sum IVA

Cody

Dear Forum;

The day I enter an IVA is drawing closer.

I have been speaking with one IVA firm, and I am close to ageeing a proposal for a lump sum IVA, to be sent to my creditors.

I have a question regarding the length of a lump sum IVA, i.e. the period in which the IP will need to review my finances. I had believed this period would be very short, a few months but definately no longer than 6.

The IVA firm I have been speaking to however say it will last 1 year.

Has any one experience of a lump sum IVA before, and time it took to be 'signed off'? I think the shorter the time, the shorter the fees will be.

many thanks

Cody

Anondebtadvisor

Lump Sum IVAs are relativley quick depending on how quick the money comes in and then paid to creditors.

They can be proposed to last 1 or 2 years depending on the circumstances but will be closed a lot quicker once the money is paid to creditors.

It is not in anyones interest to have IVA files lying around when they can be closed, if they can be closed they should be. Some firms may keep them open to get more fees!

Cody

The money for the lump sum is coming from one source, and will be paid immediately once agreed by the creditors, so no hanging around.

Anondebtadvisor

In theory the IVA meeting held then approved - creditors should submit their claims.

The money paid into the IVA - money distributed between creditors and case closed and completion certificate issued - Happy days :-)

Cody

Sounds very simple, maybe a matter of hours....:)

Anondebtadvisor

All the best Cody for the future