Hello Kevin,
An Individual Voluntary Arrangement (IVA) does not necessarily have to last 5 years, indeed, under the correct circumstances it is possible to arrange an Individual Voluntary Arrangement (IVA) that begins and ends with only one payment being made. This is sometimes referred to as a 'Full and Final' settlement Individual Voluntary Arrangement (IVA) or a 'One Off' Individual Voluntary Arrangement (IVA).
Creditors will often be happy to accept a full and final payment.
This will generally only be an acceptable proposal if the minimum dividend required plus the IP fees (usually lower in a full and final) can be met by the proposed full and final amount.
Kind regards,
Julia
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