It's been a while since I last posted on this board, but I'm back for advice if that's ok [:D]
We were in an IVA which transferred to Credit Fix from Simple Debt Solutions and we completed payments over a year ago but due to PPI and an RBS offset its taken a long time for us to complete.
We received our completion certificate yesterday. The final report states that 23% of realisations was taken but our original agreement was for 15% and we did not sign the new terms and conditions agreement from Creditfix, we told them back in 2013 via email that we did not agree to the new terms and questioned the raise, another question was included which was answered but the T&C's question was ignored.
We were due to have paid 100p in the pound including fees but the final dividend was 90.21p which shocked us - I'm not sure if this is because of the 17% of realisations was raised to 23% and maths isn't my strong point but that's almost an extra 4K on a 58,000 debt.
The final total amount of creditor's claims does not include the RBS figures so I assume that they offset the total debt with the awarded PPI
The final dividend list with creditor details, agreed claim and the final dividend paid to them is missing from the letter and I've chased this up today to try and get to the bottom of it all.
Do I question this or should I just thank my lucky stars that it's finally all over? Plus this is a bit of a warning to all who have not signed the Creditfix T&C's as it doesn't seem to make any difference....
Having dreams doesn't cost a penny and keeps you going
Iva completed 14 months early!
I really think that you shouldn't look at it as though you have paid the fees. You have kept to your end of the agreement, if creditors chose to pay Creditfix more, that's their business really and nothing to do with you.
Personally, I would enjoy being debt free and not worry who gad what.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
If you signed a deed of assignment and htere is potentially more financial irregularity claims to come in this could possibly cost you money. If your creditors had been paid in full then any further PPI etc would be yours to enjoy but ultimately it is up to you.
I wouldn't see it as rocking the boat. I would definately challenge them - you took an IVa with a different company and were sold on as a client. they have by the looks of it changed the agreement that you originally signed without your consent. If you truly believe that they did a better job than your previous firm and deserve 23% fees then leave it alone otherwise like Michael says, if any further PPi claims are found, they will go to the IVA company and not to you like they should had you paid the 100p you thought you were paying.
IVA started Jan 2012
Last payment made June 2014 @100p
Completion certificate received Sept 2014
Thanks for the responses everyone, I shall leave well alone.
Just for info Michael - It was confirmed early last year that there were no more funds due into the IVA and we had confirmation in writing that any PPI claims could be paid to us directly. Creditfix were waiting on a ruling from the FO regarding an RBS offset, their words: 'We have now confirmed the offset position with the financial ombudsman service and can confirm that there is no more due to the IVA'
We are still none the wiser as to what actually happened but it appears that they offset everything and were removed as a creditor as the final creditor balance didn't include their figure.
We had a PPI payout last month and they confirmed that it was ours to keep. Its all very confusing but I am glad that its all completed.
Thanks again
Having dreams doesn't cost a penny and keeps you going
Iva completed 14 months early!
