Type of IVAs?

Given below are the various types of IVA -

  • IVA Mortgages - The phrase IVA mortgage generally refer to the procedure of taking out a re-mortgage in order to meet the ending payment as arranged in the IVA agreement. We can also call it an IVA Re-mortgage.
  • Lump Sum IVA - This IVA is also referred to 'Full and Final Settlement'. It is sometimes likely to settle the amount debtor owe to creditors determined by an IVA by making a lump sum payment. In certain situation creditors may even accept a lump sum as a concluding payment, even if it less than the entire debt.
  • Business IVA – this IVA is for the business people. It will be for them alone to calculate the assets of their business and make a judgment on monetary status. Your business could be clogged down and its possessions liquidated to pay some or all of your debt.
  • Single IVA - A Single IVA is an application where all of the debts only exist in one name. It doesn't matter whether you are married, divorced, or single. In this case, the husband/wife/partner without the debts is not indebted to make any payments toward the IVA. Debts that are owed jointly with another person can also be integrated in a Single IVA.
  • Assisted IVA – it is much like a Single IVA in that it is an IVA application where the amount outstanding is all under one name. While a husband/wife/partner is not indebted to pay any of their partner's arrears, it may give the IVA a better chance of being accepted by creditors if they add money to their husband/wife/partner's IVA.
  • Joint IVA – In this IVA, two applicants choose to make an IVA application together.