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Letter 6 - Offering a lump sum settlement during an IVA Template letter

Offering a lump sum as a full and final settlement of current IVA

This letter is designed to be used by a debtor who is already in an IVA but wants to end it early with a lump sum cash offer.

Suitable for:
  • Someone in an IVA who has had an offer of a lump sum from a third party or the release of equity from an asset.
  • Someone in an IVA who's income will be reducing and they have a lump sum to offer for an early settlement.
Benefits:
  • IVA finishes early and debtor does not have to make any more payments into the IVA.
Disadvantages
  • Creditors may not accept the offer and IP may charge for the variation meeting.
  • IVA will still remain on credit file for six years, from the start of the IVA, even though it concludes early.

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