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IVAs: Full and Final Settlements

Full and final IVA settlements are rare. They imply the fact that the person in debt has access to a sum of money that they can use to make payments but that they cannot make payments using their income. This sum of money might be cash received from a relative or it might be a remortgage. To apply for a full and final settlement IVA you must prove that the relative in question or friend or acquaintance agrees to give you the money without you needing to pay it back. You will need a written confirmation of this.
Next, your IVA supervisor needs to present this new form of IVA to the creditors on your behalf and 80% of them (the ones holding 80% of your debt) need to agree to it.
When choosing a full and final IVA settlement you will not be allowed to take out an unsecured loan in order to pay for this IVA.
Call us and we’ll tell you more about it.

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