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IVA early exit loan

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

Re: IVA early exit loan

Posted: Thu May 24, 2018 4:21 pm
by Foggy
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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Re: IVA early exit loan

Posted: Fri May 25, 2018 9:14 am
by Shaun Vickery
Yes it's quite possible, and quite common practice, although of course it will depend on your particular circumstances.

Re: IVA early exit loan

Posted: Wed Jun 06, 2018 8:17 am
by Pigger479
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?

Re: IVA early exit loan

Posted: Wed Jun 06, 2018 9:21 am
by Shaun Vickery
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.

Re: IVA early exit loan

Posted: Wed Jun 06, 2018 9:36 am
by Pigger479
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

Re: IVA early exit loan

Posted: Wed Jun 06, 2018 9:47 am
by kallis3
Do you know anyone who could help you out with money to pay off your IVA early?

Re: IVA early exit loan

Posted: Wed Jun 06, 2018 9:53 am
by Pigger479
I’m quite happy in the IVA I just didn’t realise it could be an option or an option for the future

Re: IVA early exit loan

Posted: Wed Jun 06, 2018 9:55 am
by kallis3
If you are not a home owner it is unlikely.

Re: IVA early exit loan

Posted: Wed Jun 06, 2018 11:15 am
by 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

Re: IVA early exit loan

Posted: Wed Jun 06, 2018 11:37 am
by Shaun Vickery
Yes I'm afraid, certainly from our point of view, this is only available for home-owners.

Re: IVA early exit loan

Posted: Wed Jun 06, 2018 1:13 pm
by Pigger479
[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.

Re: IVA early exit loan

Posted: Wed Jun 06, 2018 1:22 pm
by kallis3
If you're not a home owner, as Shaun says, you won't get a secured loan.