Iva 5 years completed

Jabbawoky

Sorry if posted in wrong section just after some advice and opinions.

I have completed my 5 year iva and now in discussion with a company called just lending that I have already read a few post about, but I know everyone's situation is different so just looking for opinions on which way to go next.I'm expecting a call from them tonight regarding remortgage,loan or a 12 month extention.

Just any advice is welcome I know the final decision is mine to make.

UpToMyNeckInIt

Let me guess: Creditfix customer right?

Me too.

I too had CF / 'Just Lending' approach me, with the potential offer of a 'loan' to clear the IVA early.

I'm quite interested in this, as I am 6 months away from going through the hassle of Month 54.

Got to say I'm tempted for the following reasons:

1). Whilst I disliked the opening sales pitch claim about my credit score improving early, we all know that's nonsense. My only thought on that is that when my file improved at the end of 6 years, it will look a little more 'normal' with a well managed loan and credit card, than a recovered file with no credit record.

2). I am a little overdue my 4th annual review, and my payments are likely to go up at review time due to increased net income.

3). Whilst wary of the potential pitfalls, the thought of going for this offer, particularly if it saves me going through equity release, and gets my name of the insolvency register early, is tempting; and

4). Freedom from the other IVA obligations relating to repayment of O/T/windfalls etc..

I anticipate that this 'loan' would almost certainly be secured, but heard from an IVA firm posting on another forum, that this may not be the case - if so, that's also a potential plus point.

My only decision then, (if accepted) seems to be to see how much more this loan - secured or otherwise, will cost me, over letting the IVA run its course, and if that is a price worth paying.

One final point to consider: If CF/Just Lending offer you a loan, there is nothing stopping you looking for an alternative provider, who may be cheaper. (Again, that useful info came from an IVA firm posting on another forum).

I will let the forum know the figures I am offered (assuming they 'approve' me).

GonnaBeatThis

I think CF have caused a bit of confusion with these Loans.

From what I can tell (Mainly from other forums) CF have sent out emails/texts to pretty much everyone offering a loan to end your IVA early though a partner company Just Lending.

This loan seems to be aimed at people who are about half way through there IVA's and have no assets. At this stage CF have taken all there fees so it means if they can get a F&F agreed via a Just Lending (unsecured) Loan then the Creditors get the IVA amount paid early and CF don't need to manage the IVA for a couple more years.

From the debtors point of view it obviously releases them from the IVA restrictions although as previously stated Credit Rating wise it probably won't have much positive effect until 6 years has passed. One other advantage is that unlike the IVA if you get bonus/payrise you can overpay to end the loan Early.

I've applied for it and it's going to Creditors meeting later this month, essentially it results in a further 9 months payments.

From what others have said on other forums this loan is not the same as the Secured ones for people with a mortgage and also not aimed at people in there last year with property.