IVA with Immediate Settlement
An IVA can be settled early either by using equity from a property, or through funds received by a third party.
Property prices have increased dramatically over the last five years, and many property owners have seen an increase in the equity owned in a property, and for those already in an IVA, equity could be released to make a proposal to the creditors for full and final settlement. Costs will vary depending upon the terms of the IVA, and also the individual financial circumstances.
This is also known as a variation of the current arrangement. This will then release you from the original contract. In order to achieve this, the value of your estate or funded contribution is measured, then a balance of the outstanding amount of the IVA (based upon what you have already contributed) is calculated leaving the outstanding contribution required.
As long as this is accepted by the creditors, and as long as they are being offered the full amount stated at the start of the IVA they should agree to this.
To find out if an IVA would be suitable for you, please use our debt calculator.
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