Just spoken to Creditfix and told them I'm concerned about their fee increase as it means less money for my creditors. They have advised if creditors reject the amendment as they are not happy with fee increase then it simply reverts to original fees of 15% ?
I also enquired about the PPI variation as surely all PPI should be put into the pot for creditors? I said taking 50% of PPI away to give to debtor in addition to their fee increase was alot to ask from creditors but I was advised the variations are being put forward individually and therefore they have the option to accept or reject each one which sounds better?
That is a lot better as at least if creditors reject some of the resolutions concerning loss of PPI income and massive fee hikes, they can still accept your variation on the original terms of the IVA. This means there would be no need for you to sign new T&Cs as any amendments can be proposed as individual resolutions at the meeting. Creditors can say yes or no.
I wonder does this mean that there will not be a mass variation meeting after all and each case will now be varied on an individual basis?
I have still been advised I need to accept before they put my F&F forward and that the MVM mtg is due to be held in March. However, I got the distinct impression if I accept the ball will move more quickly.
I can't help but think the MVM is just a hoax to buy time. I did ask for a date of this MVM and was told March. But really I think March just came up as they need to give creditors 28 days notice of my variation mtg.
