IVA early exit loan

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jenny196
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by jenny196 » Thu May 24, 2018 3:56 pm
Can I get an early exit loan for an IVA? With creditfix.
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Foggy
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by 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:

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Shaun Vickery
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by 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.
Pigger479
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by 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?
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Shaun Vickery
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by 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.
Pigger479
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by 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
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kallis3
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by 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?
Pigger479
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by 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
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kallis3
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by kallis3 » Wed Jun 06, 2018 9:55 am
If you are not a home owner it is unlikely.
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SteveUK
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by 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
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Shaun Vickery
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by 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.
Pigger479
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by 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.
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kallis3
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by 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.
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