IVA F&F Sprout Loan

Freefalling

Just wanted to give my experience on clearing my IVA early using Sprout Loan.  I had done so much research and appreciated people posting their journey, which is why I am sharing mine.  I have spent 15 years juggling historic debt and carrying it around like a ball and chain!  Our combined debts were very high for many reasons including HMRC 🤬 they threatened us with bankruptcy on an annual basis for 10 years, at the end we just wished they would!!  We finally earned enough to do an IVA, and then on out 30th payment we were accepted by Sprout Loan.  No longer being under the constraints of the IVA is like a new lease of life, I know IVAs and Sprout Loans can get a bad rep but for us it was life changing!! Sorry for long post, but I hope it helps someone starting off to know there is light at the end of that tunnel no matter how hopeless it can seem.. Stay strong!!! If anyone wants to ask me anything I am more than happy to answer based on my experiences. 

fatbelly

Presumably you'll be paying off the sprout loan beyond the time when the IVA would have finished.

So what was the advantage of doing this rather than just letting it complete normally?

Freefalling

Only added an extra 4 months, we get a lot of bonuses which was being paid into the IVA, we now get to keep all the extra money, we are also spending 3 months out of the country in which our utilities are paid, so no having to explain the change in spending.  And honestly for my own mental health just having control of my own money and not doing that annual review is reason enough for me

Freefalling

Forgot to add we are homeowners so we also don't have to worry about that extra year/equity 

sourcrates

I can understand wanting to be free of the restrictions imposed on you by the IVA, its not for everyone, which is partly why so many fail, anyway, I`m glad you have found some piece of mind from this, well done.

Freefalling

I would completely agree that it more than often isn't a good idea, for us we had very high debts that basically had us facing bankruptcy but a reasonable income and a house to protect so for us it worked, we also had a very decent IVA company, we had read some horror stories but ours was always very fair and worked for us not against us

fatbelly

Aperture ?

Freefalling

Company called CD Fairfield 

MrFrugalFever

I opted for early settlement via sprout loans and overpaid sprout loans to get shot quickly.
The transition between feeling like I was I under a microscope versus a simple repayment loan with access to a couple of CC’s was well worth it for me.