IVA Early Settlement Loan

Our unique product has allowed hundreds of eligible clients to settle their IVA ahead of schedule. Your IVA may have suited your needs perfectly when you signed up, but not everyone wants or needs to stay in an IVA for 5 years or more. You may feel your IVA, instead of giving you the protection that was originally intended, is now restricting your ability to move forward with your life.

If your circumstances are such that you want and feel ready to leave your IVA having reached a position of financial stability, you may wish to find out more about the IVA Early Settlement Loan.

Warning: Late repayment can cause you serious money problems and may make obtaining credit more difficult in the future. For free, confidential and impartial debt advice contact charitable organisations such as the Money Advice Service and Citizens Advice Bureau.

Representative example

Representative example: Borrow £2,000 over 24 months at Representative 39.9% APR and an Interest Rate of 39.9% p.a. (fixed) with monthly repayments of £116.06 and a total repayable of £2,785.50. Please contact us should you wish to borrow more than £7,500.*

Eligibility Criteria

Important eligibility

An IVA for which at least 30 monthly payments have been made
No more than 1 missed IVA payment within the past 12 months
No current arrears

3 Simple Steps

Our commitments

Contact Sprout Loans. Tell us a little bit about you and your IVA.
Subject to checks you may make an early settlement offer to your creditors.
Upon creditor acceptance, your IVA Early Settlement Loan is approved and you may exit your IVA.

Points to consider

We want to be clear and fair about our loan, so we outline the main advantages and disadvantages to enable you to ensure you are well informed before making a decision.

Advantages

  • Can keep extra income (from overtime, promotion, bonus or inheritance) obtained after IVA closure
  • May apply for a job which requires you to be solvent
  • Don’t need to re-mortgage in Year 4 for IVA equity clause
  • May put property up for sale
  • Replace multiple creditors with one - Sprout
  • An active (rather than dormant) credit file at Year 6
  • May obtain Certificate of Closure early
  • If the IVA fails, the total amount of debt originally liable to the IVA (after fees and contributions have been calculated) is still owed. With a Sprout Loan, only the loan amount (after payments and interest have been calculated) is outstanding

Disadvantages

  • PPI claims payable to creditors, even after IVA is closed
  • Re-entering financial services market where difficulties were experienced may be intimidating
  • Potential for building up debt with other lenders
  • Some customers may miss the structure and discipline of the IVA
  • Statutory default timescales mean less flexibility if repayments are not met
  • Default will damage your credit record and late repayment can cause you serious money problems

Apply for a Sprout Loan today!

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