Anyone heard of Sprout Loans

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Slekclarke

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Post by Slekclarke » Fri Sep 16, 2016 1:46 pm
Hi, just wanting some feedback, received an email yesterday of Aperture (formerly known as Grant Thornton)thanking me for completing my third year and also advising me I qualify for an innovative new product from Sprout Loans which offers me, as an Aperture IVA client, an exciting opportunity to possibly exit my IVA early. Basically offering a loan to pay off my IVA early so not restricted by IVA terms and also build my credit score up. If I am interested I need to speak to my case handler who can put a proposal to my creditors. I do like the option no more IVA restrictions, and I will be debt free in 2 years rather than 3 in case I cant borrow on equity. What are peoples thoughts? [:0]
4 years in :lol:
 
 

kallis3

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Post by kallis3 » Fri Sep 16, 2016 1:51 pm
Hi,

Never heard of them. Check your paperwork to see if you have to take this loan.

I doubt you will be free in 2 years as the loan may well continue on after the IVA would have been finished and the APR might be high.

Obviously the choice is yours.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Slekclarke

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Post by Slekclarke » Fri Sep 16, 2016 2:15 pm
No I don't have to take the loan, its just something they are offering. The APR is 39.3%.

I wouldn't take it any longer than 2 years. Just thought it was strange them offering me more credit. Thought that wasn't allowed in an IVA!
4 years in :lol:
 
 

Foggy

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Post by Foggy » Fri Sep 16, 2016 2:27 pm
Aperture seem to be going the same way as Credit Fix -- have a read here:

http://debtcamel.co.uk/perinta-loans-end-iva-early/

In the case of CF -- the CEO of CF is also a Director of the loan company.

In tha case of Sprout, it seems that Spout loans is owned by Asgard which is then owned by Astra [NI] ltd. An IP is a director of Asgard and 90% shareholder of Astra and he is the IP at Aperture!

Interesting times !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

kallis3

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Post by kallis3 » Fri Sep 16, 2016 2:43 pm
Personally speaking I would just continue with the IVA as your credit will still be shot for the full six years even if you finish early.

I would also not want to be lining their pockets!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

FormerlyST1100

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Post by FormerlyST1100 » Fri Sep 16, 2016 2:52 pm
Not sure what others thing but as far as I am concerned IVA companies should be banned by the regulators in doing this.

To me it smacks of a big conflict of interest of an IVA Provider or an IP is also involved with a loan company or PPI reclaim company and is using the information of the IVA clients to push their loan or PPI side of things.
 
 

kallis3

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Post by kallis3 » Fri Sep 16, 2016 3:26 pm
I just wanted mine over and be debt free!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Foggy

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Post by Foggy » Fri Sep 16, 2016 4:28 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by ST1100

Not sure what others thing but as far as I am concerned IVA companies should be banned by the regulators in doing this.

To me it smacks of a big conflict of interest of an IVA Provider or an IP is also involved with a loan company or PPI reclaim company and is using the information of the IVA clients to push their loan or PPI side of things.
I completely agree with you --- also, as has been mentioned to me in another conversation elsewhere, if this catches on ( as it seems to be doing) creditors are going to be mightily cheesed off if they find, having agreed to lose a chunk of the capital loan and all of their ongoing interest in an effort to help an individual solve their debt problems, that another firm is, effectively, getting that interest anyway! Also that the main beneficiary, in these two instances, is the professional they are paying to supervise the arrangement !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Slekclarke

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Post by Slekclarke » Thu Oct 13, 2016 1:25 pm
Hi just thought I would update this post, I did speak to Sprout Loans as I was more curious than anything else.

So currently I pay £716 a month on my IVA and have done for 39 months, my IVA is due to end June 2018, however this is likely to increase for another 12 months due to equity in my house (unless house prices plummet due to Brexit - I can hope). So basically I have another 3 years left.

Sprout loans have offered me a loan in principle of £16,539 which has a shortfall of £7,500 to my creditors, if I agreed aperture will offer this amount as an early repayment to my creditors. I would still however, have the loan over 3 years, and my monthly payments would reduce by £6 to £700. OMG what I could do with that whole £6!!!! My interest would be 29.9% so I am paying another £6,561 to sprout loans which is basically what I am now not paying my creditors!!

Am I missing the point here, what am I actually gaining from coming out of an IVA to owe debt to someone else, who potentially will not be so forth coming with help should my circumstances change! Yes I won’t be tied to the restraints of the IVA, but neither do I want to take credit out, sell my house or likely to have a windfall in the next three years. So how can this be allowed when you are told at the beginning of your IVA no credit is allowed!! You must be mad to even consider it…

11 months 27 days 10 hours and 34 minutes and counting #61514;
4 years in :lol:
 
 

kallis3

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Post by kallis3 » Thu Oct 13, 2016 1:32 pm
I personally would still not touch anything like that with a barge pole - as I previously said - just wanted to be debt free apart from the mortgage.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Slekclarke

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Post by Slekclarke » Thu Oct 13, 2016 1:37 pm
Just been reading your blog kallis, it's nice to read about people who share the same problems and have come through the other end :)

No I am sticking with my IVA, half way through now and thats gone so quick
4 years in :lol:
 
 

kallis3

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Post by kallis3 » Thu Oct 13, 2016 1:55 pm
Thank you for that. I found it most therapeutic to put it down in black and white.

Keep going - you will get there!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Michael Peoples

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Post by Michael Peoples » Thu Oct 13, 2016 2:52 pm
Sticking with the IVA and having the extension may well be the best option for your creditors as they will get a much better return than what is on offer now. Your monthly saving of £6 barely compensates for the risk of missed payments and further damage to your credit file should anything happen in the next three years. At least while in an IVA you can ask for a payment break or reduction without incurring penalties and defaults on your credit file.

If you did want to settle early a secured loan could be a better option as the rates would be probably less than half the quoted figure and your repayments can only be 50% of the IVA payment. You could possibly raise closer to the agreed amount [depending on earnings and equity] and in 32 months when your credit file has cleared up you could remortgage the whole lot down the High Street.

At least this would be of benefit to you and your creditors but staying where you are and running the clock down seems perfectly reasonable.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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