My IVA also had the reduce the fee to 15% bit in it (which I accepted).
Any alterations by CF (Who until they can prove otherwise are hostile and going against the agreements that PJG setup back when we first signed for the IVA's) will be met with Pressdrams response in Arkell vs Pressdram (worth googling for a giggle)
I reckon they bought all the IVA's from PJG with little to no due dilligence, found something which could dent the bottom line and are now picking on us to try to fix their oversight on their buyout process.
Hi all not heard anything from them as yet and hubby's review was due on the 14th Nov. I'm confused by all of this, would be good to know a list of questions we should go back to them with, hubby not happy about signing will be keeping an eye on this thread
Hi, can anyone help me understand why the creditors claims would go up to or over 15% as stated earlier in the thread? My paperwork says the total amount owed and creditors claims agreed - how could it go up? It said the same amount on all my PJG reports in 2011,2012 and 2013. Surely at the end of the 5 years they can't decide to add any more on?Thanks
Blimey. Well after reading all that Im not happy to sign them. Mels letter said no change to t&cs, iva would continue as planned and our fees were reduced at creditors meeting so im not about to sign something with an additional 8% of fees. Creditfix took on the cases and should accept what Mel put in place. Tough s**t if they dont get as much in fees. We said we'd pay back as much as we could...we did not agree to pay a company we didnt choose and who havent done any work for our case. We agreed the ppi coukd be looked into and claimed by iva if any was found so dont need to sign again to agree them to look into that because slready agreed in original t&c. Not interested in keeping any as already agreed it all could go, and rightly so, into iva so dont feel the need to sign this to keep any.
I feel for all of you in this but going through the posts I have to agree with Andy in as far as your payments are not changing .... you want your iva to conclude asap and move on with your lives.... if it were me in our iva I would probably sign with a heavy heart .... for me it was do whatever was needed to conclude iva and become debt free !
Think about all the interest that would have been applied to your debts by now that has been written off .... bet your iva ultimately works out cheaper and has a debt free end to it !
Last edited by luluj on Fri Dec 05, 2014 4:46 am, edited 1 time in total.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Still deciding on this one. First instincts were to say no though.
I tend to agree with abbiesmum that we didn't ask for this and we were told everything would continue as before.
Reading other posts, I don't think CF are hostile as such. They are just a company that's here to make money like most others.
I also doubt they took on the PJG cases without due diligence. I imagine it's all been carefully planned.
Us signing up to the new fees is clearly a step in that plan.
Us objecting to just new fees I'm sure was foreseen hence adding a carrot and implications things might not conclude as smoothly without.
That 8% is worth a lot. In my case I reckon in the region of £3,000 with what's left of my IVA. If we guessed that on average over the 900 cases it was £1,000 extra then you can start to see some big numbers around £1million emerging.
You can be sure that everyone signing up is key to the success of their plan financially. That may be why everything else is old fashioned paper forms to fill in and send off but this is "quick just click!" style.
I feel sorry for any of you caught up in this fiasco. it was always pointed out to me ITS YOUR IVA to a certain extent you control it. The idea of an IVA is to stop the stress and help people in financial difficulties, I can't believe people can be transferred to another company without any consultation and that the terms and conditions can be changed after the IVA has been agreed, surely the iva terms and conditions were agreed between creditors and debtor to ensure some money if not all was paid back and to help debtors have some quality of life, and to get back on track with life after completion. I sympathise with all of you going through this, its bad enough having to deal with the stress without having the worry of having to pay for Christmas on top of it. Good luck to all of you and I truly hope this gets sorted out quickly for you all.
I don't think that this variation will impact on the remortgage/secured loan/equity release provisions as I cannot see anywhere it is mentioned. If this is the main concern then you are probably fine.
What this does show is that Melanie was providing a service at 15% fees without aggressively pursuing PPI and had to sell up. CF are now increasing the fees by over 50% and pursuing PPI as this is how they feel they will be able to make money. Something need to be done about fees as the smaller players are being squeezed out and if Melanie had been allowed to charge 23% she may not have sold in the first place!
I cannot see why CF are being allowed to increase the fees by this amount yet firms like us are having to survive on 15% of realisations. I wonder if we sold our book would the new owner be allowed to whack the fees up and if so why can't we do it now? It does not seem right.
I feel sorry for anyone who is going through this but here is how i would look at it. If you are paying 100p in the pound or close to and still have a reasonable amount of time left to run on your IVA then it would not benefit you to sign as you would ultimately be bearing the cost directly. Or if you are expecting a windfall of any sort then you would want the money to go to the creditors and not to increased fees. I know an IVA journey is hard but the carrot of keeping some of the PPI is not enough for me but then i was certain that i didn't have any PPI (and i didn't). If like me, when you entered into an IVA you spent a lot of time reading through all the terms and conditions (maybe not understanding them all at the time however) but you spent time reading, and were happy with them so you signed them and started your IVA journey. If you are not happy with the new terms then you should not feel pressured into signing them. IF you feel that CF have already or will do an amazing job and will warrant their 23% fees instead of the 15% you currently have then great otherwise don't sign it. If at the end of your IVA you feel that you are being penalised and there are unnecessary delays because you did not sign then you can complain and if it is not resolved to your satisfaction then you can escalate it - they really can't treat you differently because you stuck to your original terms which are legally binding. It is all very difficult but i would urge anyone to take time, seek advice but do not rush into anything despite being asked to sign and return ASAP - only do if you are truly happy with the changes and if you are not then politely decline.
IVA started Jan 2012
Last payment made June 2014 @100p
Completion certificate received Sept 2014
