Approached by IVA company for potential Sprout Loan

mrcactus

I am dead on 30 months into my IVA term and had a phone call from my IP today (Jarvis/Debt Movement) to discuss a potential sprout loan to repay my IVA off early.

I am expecting a call tomorrow from Sprout who will give me the details and see if I am eligible.

My IP said I have the potential to have the loan as I have made only one late payment in 30 months of the IVA so far. She said you're income has gone up slightly according to your recent I&E review so it's likely the monthly payments will increase slightly from the £160 a month I am currently paying. She said you could get the loan for £175 per month which would add another 2 months on to the 24 months I've got left.

After some reading, I know these types of loans would not be good for some people. I don't own my own home or due any windfall etc. However, seeing as my payments might increase anyway, I'm tempted to end the IVA early so I wouldn't have to worry about overtime and bonuses in work etc. Also, will allow me to get maintenace loans and grants for my Uni studies. 

She did warn me, just like loans I had before my IVA, that there isn't that kind of protection or leeway if something suddenly happens with my income.

Has anyone actually gone for this type of loan? If not, please share your reasons. If yes, how are you finding it. 

liggerz87

I'd wait on the on sour crates and fatbelly opinion

flipflopflo

This is a thread from earlier this year 

https://forums.moneysavingexpert.com/discussion/6256195/sprout-loan-for-iva

sourcrates

I stand by what I said in the link above, there is no real benefit to it, your just lining sprouts pockets by taking out there loan product.