My five year IVA is due to finish in September this year. I have sent a redemption statement to my IVA company & am awaiting an independent valuation of my property which I have arranged. Last week, my IVA company referred me to a finance company offering me an 'early exit loan' - 7 monthly payments of £200 in full & final settlement. Does this mean equity/year six is written off?
As yet they haven't even established if there is equity or a year six, so they are jumping the gun a little, but are presumably assuming there will be. There are pros and cons to these loans and each case must be looked at individually.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
