Loan to pay off balance of IVA

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mike f
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by mike f » Sun Nov 19, 2017 3:06 pm
Hi all, I have an IVA running for three years and have two years left to run (ending December 2019). The IVA was initially through Debt Free Direct but has recently been taken over by Aperture. Aperture have contacted me with an opportunity they have offered where whereas the balance is £8,450 and they are willing to reduce this balance to £7,100 if I can take out a loan with Sprout. They have provided me with figures and the APR is 24.9%. But it has been put to me as a way of paying off the IVA whilst starting to rebuild my credit 18 months earlier than if I wait for the IVA to run its course. Has anyone heard of this before? Has anyone heard of Aperture as an IVA company?

Regards

Mike
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Foggy
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by Foggy » Sun Nov 19, 2017 4:02 pm
Hi,

First have a read here: viewtopic.php?f=145&t=83863
where a similar query has been posted.

Aperture are one of the largest IVA providers, being the re-named IVA arm of Grant Thornton. Like many firms, they have their issues.
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MerlinL14
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by MerlinL14 » Sun Nov 19, 2017 5:44 pm
You can't start to rebuild your credit rating until 6 years anniversary of the start of the IVA, even if you paid it all back in year 1, you would still have 5 years to go to even think about your debts dropping off the 3 credit report agencies. You have 2 years left on your IVA, how much longer than this are you expected to continue to pay off that loan? How much more, taking into account interest payments, is this loan going to be, because I very much doubt it works out cheaper! The only winner is Aperture as they can close your IVA and not incur anymore invested time. How are Aperture and the loan company related?
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Ryan
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by Ryan » Mon Nov 20, 2017 12:29 pm
I agree with Merlin. As was said in a previous post it certainly won't clear up your credit rating any quicker so they really shouldn't be saying such a thing to try and justify doing something like this.

Best of luck
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mike f
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by mike f » Mon Nov 20, 2017 1:39 pm
Hi, the loan they have offered me is over 28 months, so that would be three months past the expiry due date of the IVA. I have noted people's comments, thank you and also been looking at the similar post someone else had posted.

To be honest I cannot see any benefit from taking the loan.

The other thing now in the mix is that speaking to my Father about this 'offer' he too could not see the point of taking out the loan which would incur additional charges so has offered me to put to the IVA company and lump sum final payment of £5,000 which he is willing to gift to me to clear the IVA once and for all. I am going to put this offer to them as I have nothing to lose if they say no. I don't have this capital and the capital would only be given to me in the event that it the offer was accepted by the IVA company.
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Ryan
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by Ryan » Mon Nov 20, 2017 1:53 pm
Best of luck with the Offer Mike.


Regards
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mike f
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by mike f » Thu Nov 23, 2017 10:09 pm
Thanks Ryan.

Currently waiting for a response.

Regards

Mike
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MerlinL14
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by MerlinL14 » Fri Nov 24, 2017 4:49 pm
I hope the result of the F&F is successful Mike. I really don't see how these loan offers help. I would certainly not have entertained one if it had ever been offered to me.
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kallis3
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by kallis3 » Fri Nov 24, 2017 5:13 pm
Hope it all goes ok.
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