IVA early exit loan

Get expert opinion. This is the place for new questions to be posted.
User avatar
jenny196
Posts: 4
Joined: Thu May 24, 2018 3:56 pm

IVA early exit loan

Postby jenny196 » Thu May 24, 2018 3:56 pm

Can I get an early exit loan for an IVA? With creditfix.

User avatar
Foggy
Forum Expert
Posts: 27960
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Contact:

Re: IVA early exit loan

Postby Foggy » Thu May 24, 2018 4:21 pm

You may be able to, although some creditors will reject such an offer. I believe Shaun Vickery from Select has access to products which might suit:

memberlist.php?mode=viewprofile&u=22837
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

User avatar
Shaun Vickery
Industry Expert
Posts: 751
Joined: Tue Feb 12, 2013 8:32 am
Location: United Kingdom
Contact:

Re: IVA early exit loan

Postby Shaun Vickery » Fri May 25, 2018 9:14 am

Yes it's quite possible, and quite common practice, although of course it will depend on your particular circumstances.
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/

Pigger479
Posts: 77
Joined: Tue May 16, 2017 5:07 pm

Re: IVA early exit loan

Postby Pigger479 » Wed Jun 06, 2018 8:17 am

Shaun Vickery wrote:Yes it's quite possible, and quite common practice, although of course it will depend on your particular circumstances.


How would an early exit loan work? Could I have some more info this?

User avatar
Shaun Vickery
Industry Expert
Posts: 751
Joined: Tue Feb 12, 2013 8:32 am
Location: United Kingdom
Contact:

Re: IVA early exit loan

Postby Shaun Vickery » Wed Jun 06, 2018 9:21 am

Essentially, if there is enough equity in your property and you qualify for a loan, you can make an offer known as 'Full and Final' to your creditors. This would be conditional upon it settling your obligations and therefore, if accepted by the creditors, you would no longer be subject to the terms of the IVA. Creditors will often accept a lower amount on the basis that they are getting 'cash up front' rather than waiting for it to drip feed as you make contributions. If successful the IVA is settled and your creditors will write off any remaining debt. Whether it is appropriate or possible will depend on your individual circumstances but we have dealt with plenty of such cases.
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/

Pigger479
Posts: 77
Joined: Tue May 16, 2017 5:07 pm

Re: IVA early exit loan

Postby Pigger479 » Wed Jun 06, 2018 9:36 am

Shaun Vickery wrote:Essentially, if there is enough equity in your property and you qualify for a loan, you can make an offer known as 'Full and Final' to your creditors. This would be conditional upon it settling your obligations and therefore, if accepted by the creditors, you would no longer be subject to the terms of the IVA. Creditors will often accept a lower amount on the basis that they are getting 'cash up front' rather than waiting for it to drip feed as you make contributions. If successful the IVA is settled and your creditors will write off any remaining debt. Whether it is appropriate or possible will depend on your individual circumstances but we have dealt with plenty of such cases.


So I take this is unavailable unsecured as I’m not a homeowner

User avatar
kallis3
Forum Expert
Posts: 74028
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Contact:

Re: IVA early exit loan

Postby kallis3 » Wed Jun 06, 2018 9:47 am

Do you know anyone who could help you out with money to pay off your IVA early?
http://kallis3.blogs.iva.co.uk/
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.

Pigger479
Posts: 77
Joined: Tue May 16, 2017 5:07 pm

Re: IVA early exit loan

Postby Pigger479 » Wed Jun 06, 2018 9:53 am

I’m quite happy in the IVA I just didn’t realise it could be an option or an option for the future

User avatar
kallis3
Forum Expert
Posts: 74028
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Contact:

Re: IVA early exit loan

Postby kallis3 » Wed Jun 06, 2018 9:55 am

If you are not a home owner it is unlikely.
http://kallis3.blogs.iva.co.uk/
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.

User avatar
SteveUK
Posts: 74
Joined: Fri Sep 28, 2012 10:37 am
Location:
Contact:

Re: IVA early exit loan

Postby SteveUK » Wed Jun 06, 2018 11:15 am

I really can't see the point of this. You are going to repay the amount plus interest over a longer term than the IVA. Unless the interest is a lot less than the discount you get on the IVA whats the point?

The only time I can see it being beneficial is if you know your circumstances will improve greatly during the remainder of the IVA term.

That said I can see why some creditors don't like the idea.

Steve

User avatar
Shaun Vickery
Industry Expert
Posts: 751
Joined: Tue Feb 12, 2013 8:32 am
Location: United Kingdom
Contact:

Re: IVA early exit loan

Postby Shaun Vickery » Wed Jun 06, 2018 11:37 am

Yes I'm afraid, certainly from our point of view, this is only available for home-owners.
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/

Pigger479
Posts: 77
Joined: Tue May 16, 2017 5:07 pm

Re: IVA early exit loan

Postby Pigger479 » Wed Jun 06, 2018 1:13 pm

[quote="SteveUK"]I really can't see the point of this. You are going to repay the amount plus interest over a longer term than the IVA. Unless the interest is a lot less than the discount you get on the IVA whats the point?

The only time I can see it being beneficial is if you know your circumstances will improve greatly during the remainder of the IVA term.

That said I can see why some creditors don't like the idea.

Steve

This is exactly why I was interested in it.

User avatar
kallis3
Forum Expert
Posts: 74028
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Contact:

Re: IVA early exit loan

Postby kallis3 » Wed Jun 06, 2018 1:22 pm

If you're not a home owner, as Shaun says, you won't get a secured loan.
http://kallis3.blogs.iva.co.uk/
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.


Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 26 guests