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Usually an IVA lasts for 5 years as the creditors want to get back as much of their money as they can. Normally, the only situation where your your IVA will be shorter than 5 years is if you undertake a full and final settlement or lump sum IVA.

This is where you have a lump sum of money either from a friend or family member or maybe you are able to release a lump sum of money from a property. This sum is offered to the creditors as a full and final settlement for your debts.

Even if you have a reasonable lump sum available for the creditors, you will only be able to take advantage of this type of IVA if you cannot afford to make any monthly payments after the lump sum has been raised. You would still be asked to make monthly payments if, after raising the lump sum, you have sufficient disposable income to do so.