I do look at these things with a smidgen of suspicion --- making every payment is a requirement of the arrangement and not grounds for a reward .... so who, apart from the finance company, benefits ...... ?? Your IVA provider ( the bestower of the reward) might get a fee (just a guess). They certainly save themselves a heap of work and still get their fees in full .... nice work if you can get it.
But, hey, I am a grumpy old cynic
and here: https://debtcamel.co.uk/ip-regulation-major-problems/
Where Debt Camel says : Early exit loans
I was critical of these on their introduction in 2016. The IS review says:
The loans… ultimately cost the debtor substantially more… are sold on the basis they will help the debtor in the long term, by improving their credit rating. There does not appear to be any evidence that this is actually the case… By concluding the IVAs early the IPs concerned will also benefit by not having the ongoing cost of managing the IVA so there may well be a conflict of interest.
That is a fair comment on the Perinta/Creditfix loans, which have not been offered since the start of the year. But it seems a slightly harsh description of the Sprout loans, where the creditors take a haircut, reducing the cost to the debtor.
I also feel the iva has taught me a very good lesson . I now take more care especially in managing my affairs , and political affairs .
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