Full and Final IVA is a combination of a Full and Final Negotiated settlement and an IVA.

Unlike a normal IVA which can last upto 72 months a single premium IVA is between 6 and 52 weeks.

Advantages
  • The majority of debt can be written off.
  •  Simple process.
  • Has a satisfactory conducted IVA on credit file when completed (loan rates much better than unsatisfactory conducted).
  • Descrete solution
  • IVA is completed no "year 4 clause"*

*A year 4 clause is where a home owner is forced to remortgage in year 4 of a 5 year IVA. Upto 100% of the equity would be raised in favour of the creditors.

Disadvantages
  • Conditions apply if homeowner
  • Lump sum is required
  • Creditors must agree to proposal