I have just received the new T&C's proposed by CF and have been advised my F&F offer has not been proposed to creditors as I had not agreed these...but I had not received until today!!! With a F&F on the cards I can't really see any reason not to accept these. Need some advice please?
if The F&F was rejected you are then stuck with the T&C'S Mind you who says the creditors will agree with the Variation? If you have a minimum dividend the increased fees could affect that!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by recovering
if The F&F was rejected you are then stuck with the T&C'S Mind you who says the creditors will agree with the Variation? If you have a minimum dividend the increased fees could affect that!
Thanks recovering. But the letter says there will no increase in payments? My minimum dividend was 0.18 in the £ and my annual statement from CF said anticipated divident 5.26 in the £ which I rang to query??? I was told the systems had crashed and someone would get back to me, but they didn't. From my interpretation of the statement the new dividend is due to PPI. But I thought it was only possible to pay back 1.00 in the £??? I'm confused!
Hopefully someone better at numbers than me will see this and reply! There have been other threads on this subject and I think another forum member spoke emailed Creditfix who admitted you do not have to sign
I am not DEFO NOT signing but have a few years to go
I may be a cynic but the fact you had not even seen the t&c's kinda says that is not the reason your F&F has not been put forward! more likely their horrendous backlog!!!
There have been other posts and if challenged CF will back down. You have a right to put forward a variation and you can also refuse to sign the new T&Cs. It is not correct to link the two.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
There have been other posts and if challenged CF will back down. You have a right to put forward a variation and you can also refuse to sign the new T&Cs. It is not correct to link the two.
In fact to tell someone that this is the case is, to my mind, borderline fraud.
I just want to check there is no detrimental effects to my IVA before agreeing. I can't see there is? They want to pursue PPI claims of which I will be able to have 50%? And they are increasing Supervisors fee from 15% to 23%? My F&F is full payment of the remaining term (I have sent mortgage redemption statement and valuation confirming no equity) so I can't see a reason not to agree nor a reason my F&F should not be accepted????
Your F&F may include all the remaining payments but the increase in supervision of over 50% will diminish the return to creditors so could be rejected. If I were a creditor I would reject the variation because there is no justification for a huge fee increase and the PPI claims belong to the IVA anyway. Why should a creditor accept a hugely reduced dividend and forego half the PPI when there is no need to do so?
That would be my concern but if the full and final contained individual resolutions giving creditors the options to pick and choose which they accept then perhaps it may be worth putting it forward.
Thanks Michael. I've got the original paperwork from PJG and the joint supervisors fee is 15% on my original proposal - Creditfix new T&C's are asking for 23%. So the increase in supervision is not over 50%? Or have I missed something? Keeping other costs the same I've calculated the net funds available to creditors would reduce by £1032. This would mean my anticipated dividend of 0.18p would reduce to 0.16p.
Would you see this as a hugely reduced dividend?
How can I put forward individual resolutions? I really feel Creditfix are lacking in knowledge to advise me correctly. Thanks for your advice.
A rise from 15% to 23% is a rise of over 50% on the original proposed fee. For example a rise from £1500 to £2300 means the total fee has gone up by more than half and not an 8% increase. They will be taking an extra 8% of the 'pot' and this could lead to a substantially reduced dividend.This does not seem to have affected your dividend too much and hopefully it is accepted.
The resolutions in the variation will be usually listed one by one and creditors can pick and choose which they accept or reject. Make sure that the new T&Cs do not impact on your offer and if so you don't care what you sign.
I'm going to ring Creditfix to discuss with them today. I did email Greg directly a couple of weeks ago after seeing him on this forum. He did respond but his email basically said he could not help me and to simply wait for the MVM. Not very helpful.
I'm going to ring today to confirm that the full and final offer will be reduced by the number of payments I have offered and also query the anticipated dividend which was detailed in my annual statement of 5.26????. Wish me luck cos these guys really don't seem to know what they are talking about!
