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Lump Sum settlements
By admin | March 4, 2009
Persons in an IVA have the ability to make a lump sum offer to creditors to settle an IVA, if they come into unexpected funds. This could be from a family gift, a windfall, sale of a house not included in the IVA, even winning the lottery.
Most creditors will accept a lump sum settlement of perhaps 30 per cent to 35 per cent of the total amount due.
The qualified Insolvency Practitioner dealing with the case will give suitable IVA advice. In any event, under the conditions of an IVA unexpected windfalls must be declared to the Insolvency Practitioner, who is required to inform creditors.
Topics: News | 3 Comments »
January 5th, 2012 at 2:42 am
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January 12th, 2012 at 2:56 pm
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February 1st, 2012 at 3:13 pm
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