To qualify for a full and final IVA you will need a total of 25% of the amount of your debt plus I.P cost of £5,000.

Please note - ivafreehelp.co.uk does not charge you any fees

There is no fixed term payment for a full and final IVA; from the day you start to the day the IVA is signed normally takes around 3 months.

You need to raise the amount in order to settle your debt in one go.

This could be a re-mortgage, with which we can help by making sure you do not incur unnecessary charges from brokers;

You can borrow the money from a partner, family member or employer (you cannot receive the money in the form of an unsecured loan in your own name).

By borrowing the money from some 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 this method is that a large chunk of your debt is wiped, leaving you only a manageable amount of debt to deal with.

As stated above, the term of the full and final settlement is 3 months to get the agreements into place then between 1-2 months to arrange the money if necessary.

You would then pass the money to the licensed practitioner who would distribute the lump sum under the legal agreement between your creditors minus their fee.

When the money is transferred, after 28 days you will receive a notice of satisfaction against the debt, which you would pass to the credit reference agencies Experian and Equifax.

Please contact us as everybody's situation is different. click here

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