Early Exit Loan

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Waitingforship
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by Waitingforship » Mon Aug 28, 2017 6:41 am
I was conditionally offered an Early Exit Loan and my Creditor's meeting was held on the 25th (last Friday). Unfortunately not all the creditors knew/remembered about the meeting so it has been adjourned for one week and will now take place this Friday. The agent at CF who rang to let me know intimated that there had been some rejections although he expected that the vote may go in favour of agreeing the settlement on Friday. The rejections were because a couple of the voters thought that it was not in my best interest. Has anyone had any previous experience of this?
I know I can continue with the status quo if it doesn't go through but I'll be gutted as I was really hoping to put this behind me.
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Foggy
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by Foggy » Mon Aug 28, 2017 8:30 am
Some creditors vote against these on principle regardless, others take the view that some others here do: that getting a debt to end a solution designed to leave you debt free kind of defeats the object. I have to admit that, in some cases, the figures do stack up and in others the cons are outweighed by the pros. Unfortunately, as with any variation, it is next to impossible to second guess creditors and the weather probably has as much effect on the outcome as the economics !

Slightly off the point -- but I notice CF are getting a few adjournments recently, due to un-informed creditors.
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MerlinL14
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by MerlinL14 » Mon Aug 28, 2017 5:14 pm
Personally I can't get my head round the reason to get an early exit loan. My IVA was not just a 5 year journey but a financial experience and a learning curve (steep curve). The IVA entry will remain on your credit file for 6 years from inception as well as all the defaults but you will be paying off this loan far beyond the initial term of the IVA and, as far as I am concerned, all you would have learned is that you can take out a loan to pay off a debt. Something that I thought was the way out of my initial debts to start with before the penny dropped and I realised I needed something more than MORE borrowing!
Might just be me....
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Rickne
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by Rickne » Mon Aug 28, 2017 9:51 pm
For me it was the case of having ALOT more money in my pocket each month compared to the IVA. Rather than say next year IVA taking an extra £200 off me per month when my car finance ends.. It goes in my pocket plus my monthly overtime. :D. My IVA was relatively low amount, no mortgage etc. I need money now so was a no brainer.
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Waitingforship
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by Waitingforship » Mon Aug 28, 2017 10:55 pm
I always knew that trying for an Early Exit Loan in an IVA was not going to be a popular option on here. I thought long and hard before I bit the bullet and went for it. In fact I talked myself out of it a couple of times. However for me, despite the additional five payments. It makes financial sense. I have a shed load of overtime looming on my horizon. I also have some on call payments coming soon as well as a claim for married Tax Allowance and a very elderly relative who has named us in the will. (I'm not wishing her ill) I've learned a lot by being in an IVA and I would honestly say I'm a better person because of it. But one thing I've definitely learned is that each person has a different journey when they enter into this thing. There is no right and wrong. We are all just trying to get through as best we can. So I get those that don't get why I've gone down this route. I totally get where you are coming from. But please don't judge me because I have taken a different route. I promise you my journey has been just as hard.
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Foggy
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by Foggy » Tue Aug 29, 2017 8:37 am
Waitingforship wrote:
I always knew that trying for an Early Exit Loan in an IVA was not going to be a popular option on here. I thought long and hard before I bit the bullet and went for it. In fact I talked myself out of it a couple of times. However for me, despite the additional five payments. It makes financial sense. I have a shed load of overtime looming on my horizon. I also have some on call payments coming soon as well as a claim for married Tax Allowance and a very elderly relative who has named us in the will. (I'm not wishing her ill) I've learned a lot by being in an IVA and I would honestly say I'm a better person because of it. But one thing I've definitely learned is that each person has a different journey when they enter into this thing. There is no right and wrong. We are all just trying to get through as best we can. So I get those that don't get why I've gone down this route. I totally get where you are coming from. But please don't judge me because I have taken a different route. I promise you my journey has been just as hard.



I don't think you are being judged. As you say, each journey is different. In some cases it works favourably. In others where the figures don't quite stack up, it might just be that the IVA was driving the person mad and they need to get out of the arrangement.
None of us here are privvy to the whole picture of each others lives and the circumstances which affects their choices and, even if we were, it would not be our place to judge.
The main thing is that people get the result they want.
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kallis3
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by kallis3 » Tue Aug 29, 2017 8:42 am
Whilst I personally wouldn't do it , it is each to his own and what is best for them and nobody will judge you.
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Michael Peoples
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by Michael Peoples » Tue Aug 29, 2017 11:05 am
Many people complete their IVAs with secured loans, remortgages, loans from family etc. It is their choice and provided they are well informed there is no problem with doing any of these. I do believe that some creditors have issues with high interest unsecured borrowings being used but not creditors feel the same. I hope it works out for you.
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MerlinL14
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by MerlinL14 » Tue Aug 29, 2017 3:08 pm
Sorry, I am not saying it was a bad idea or bad judgement to get the loan. This is just my personal feelings and bears no reflection on your reasoning for taking the loan. No offence meant.
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Waitingforship
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by Waitingforship » Tue Aug 29, 2017 9:12 pm
Thanks for all your comments guys. No offence taken. If I'm honest I am probably feeling a little touchy about the whole thing as my decision has swung both ways for a while. But now that I've finally committed to it, I'd hate it to fail at the last hurdle. Whichever way it goes on Friday I'll still be popping on to here regularly to see how everyone is getting on. This site has been a Godsend and I thank you all for your words of wisdom and advice.
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kallis3
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by kallis3 » Wed Aug 30, 2017 7:24 am
Fingers crossed for Friday!
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Waitingforship
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by Waitingforship » Mon Sep 04, 2017 11:38 pm
Well Friday came and went with no communication from CF until I rang them. Yet another adjournment in order to give one of the creditor's the opportunity to vote. If only they had to abide by the same rules as the debtors. E.g. You've been notified of a meeting, please vote. If you don't vote in time you forfeit your right to vote or you can pay a late voting fee of £12 plus an admin fee of £25 for the letter I never sent you. I'm getting to the point where the Early Exit Loan is becoming less and less appealing as it is getting less and less early. I wonder how late I can leave it before changing my mind and not incur any fees. :evil:
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kallis3
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by kallis3 » Tue Sep 05, 2017 6:48 am
Getting ridiculous now! Your creditor has had plenty of time in which to vote. Surely CF should be able to sort this.
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Michael Peoples
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by Michael Peoples » Tue Sep 05, 2017 8:18 am
You can withdraw the variation at any time up to the issuing of the Chairman's Report. Any modifications or conditions proposed by creditors must be agreed by you and if you do not accept them the variation will not be approved.
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Foggy
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by Foggy » Tue Sep 05, 2017 9:49 am
This is becoming an increasingly common event with CF : Creditors claiming not to have been informed / given all the required information and meetings being adjourned (without informing the client). However, if, in this case, it is simply a matter of vote chasing they would only need to do this if the votes actually in show a reject and they believe they could tip the balance by canvassing some more yes votes -- so they could be working for you.
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