As you will have seen, CreditFix have recently launched an "early exit Loan" for those in an IVA, which has been the subject of some discussion on this forum and also the subject of an excellent article (and illuminating comments 0 over on Debt Camel.
It now appears that Aperture have jumped on this particular bandwagon with a "Sprout Loan", also the subject of an article on Debt Camel:
It has the same object as the CF scheme, but also builds in a "discount" to address the fact that both creditors and IP are saving on admin costs and reflects the deduction most of us make when offering a F&F amount.
This can make this particular version of an early exit loan appear more inviting, but, have a read and decide yourself whether the risk is worth the early exit. Many of us regard the IVA repayments over a fixed term as similar to a consolidation loan without the drawbacks and risks --- an early exit loan is, in fact, a consolidation loan WITH the drawbacks and risks!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
I would never have considered an 'exit loan'. Would have been burdened with repayments for however many more years, still have the IVA on the Credit reference records until the 6 year point. I thought long and hard about an IVA and as well as being debt free after 5 years it was an invaluable lesson of finances.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
I don't believe an early exit loan is always wrong.
If, for example, you are aware of future windfalls or you work a lot of overtime it may make sense.
Perinta lend you the most they can. They base the F&F offer on exactly what payments you have left taking into account any anticipated 1 year extension for house equity.
This makes it a less attractive deal. In fact, I fail to see many instances where it would be a good deal.
I looked at it very seriously myself but it's not for me.
Agree foggy ... you need to read all of the details and make your own minds up which is best suited to your circumstances.
I saw my iva as a 5 year loan and ticked of each monthly payment.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
