|
What is a Quick IVA?
A Quick IVA is
also known as a Full and Final IVA.
How do I Qualify for a Full and Final
IVA?
To qualify for a full and final IVA you
will need a total of 25% of the amount
of your debt plus Insolvency
Practitioner fees of £4000 (to do the
case)
Example Case:
Total Debt=£50,000
Offer= £50,000 x 25% plus IP cost of
£4,000 = £16500
Total repayment = £16,500,
Total Debt Write off is £33,500 (or
67% of total debt)
Further Notes:
•
Please note - IVA.com does not charge
you any fees
• A
Quick IVA (or Full and Final IVA) only
takes 2-3 months. A traditional IVA
typically takes 5 years.
•
You will need to raise the amount in
order to settle your debt in one go,
this can be done via a remortgage or via
a gift from friends or family.
• By
borrowing the money from an individual,
that person/group will become your sole
creditor, therefore, any monthly
disposable income would in theory go to
them, leaving nothing to pay to your old
creditors or to the licensed
practitioner.
•
The advantage of a Quick IVA is that a
large chunk of your debt is wiped,
leaving you only a manageable amount of
debt to deal with.
|
Time Scale of
a Quick IVA (Full and Final IVA) |
|
2-3 Months |
Get the Quick IVA agreement into
place |
| 1-2 Months |
Your licensed practitioner will
distribute the lump sum under
the legal agreement between your
creditors minus their fee |
| 1 Month |
You will receive a notice of
satisfaction against the debt.
This can be passed to the credit
reference agencies Experian and
Equifax |
| 12 Months |
Start to rebuild
your credit rating |
|
