Hi, I have been offered the chance to end my IVA 3 years early by applying for a Sprout loan. I went through the application and they have offered to lend me the money. I now have to make a statement to be passed to the creditors as to why I would like to end the IVA early. Could anybody please give me some advise on the correct things to say? Thank you
Just be honest with your answers along the lines of wishing to move forward without the worry of the IVA causing stress and mental health issues. Don't mention anything like increased incomes, coming into money in the next couple of years or that sort of thing.
Have a practice --- why do you wish to end the IVA early ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The IVA has been very helpful but I would like to move forward now without the worry of the restraints that it has. As a family we have out grown our house and we really need to look at moving to somewhere bigger. I know my credit rating will be affected by this for another 3 years, but if possible I'd like to start trying to improve it as soon as possible. I'm not sure I should mention the house situation tho should I, as the creditors would be emtitled to any equity over £5K?
Sprout loans are secured on the house and equity will be at the forefront for this reason --- Sprout will have to deal directly with your IP. But, no, I wouldn't mention it directly. Does your offer include an amount related to equity release ?
The IVA has been very helpful but I would like to move forward now without the stress and worry of the restraints that it has. My family is growing and is also being affected by my situation and I would like us all to be able to move forward together.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
They calculated the figure using the value of the house and how much we still owe. Because the equity is over £5K they calculated the extra year which i would have to pay into the IVA