www.iva.co.uk

Hi, firstly, so sorry for the long post. I have recently had my IVA transferred from PJG Recovery to creditfix, I received a letter from creditfix asking me to agree to a variation of the original terms of my IVA. I have excluded points 1-3 regards PPI claims (I have never paid PPI)4,6,7,8 below concern me:
4: The supervisors remuneration is changed to 23% of realisations.
6: The supervisor has the discretion to admit claims up to 115% of the value provided for on the statement of affairs, without the need for additional verification.
7: The supervisor will convene a meeting of creditors where the sum of all claims exceed 115% of the value provided for on the statement of affairs, to determine any action required.
8: In consequence of these variations, any clause providing for a minimum dividend shall not apply.

I only have 7 months left on my IVA. They want an increase of 8% in remuneration, which will, inevitably, decrease the amount paid to creditors, therein, lowering the dividend paid to creditors. I do not understand clause 6 and 7? My concern is if I do not sign this document it will jeopardise my IVA, do I legally have to agree to these new terms? To say that I am very disappointed with this transfer would be an understatement, especially as I travelled a 700 mile round trip to have a one to one meeting with Susan Clay, I feel very let down and now very uneasy about the remaining 7 months of my IVA. I hope someone can help ease my concerns.

There are a number of posts on the forum about this transfer and many former PJG clients are unhappy. It is not very clear what has been happening and many former PJG clients are not signing. It seems you must agree to all the conditions and not those that do not directly affect you.

Given that you have only seven months left it may be better to remain with the standard terms and conditions from your original contract with PJG but yuou could try and speak to CF and get some assurances before you consider agreeing to these new terms.

I have been transferred too and I do not intend to sign. We do not have to legally

Hi Nrushton.

I too have been kicked over to Creditfix from PJG. We have just short of 6 months remaining, and will not be signing any new variance to our T&C's.

You are under no obligation whatsoever to sign, and would suggest the best route for you is to stick with your original terms.

Good luck.

Haven't received my T&C's yet, but when I do, they can poke em

I've received mine and filed it neatly away. I won't be agreeing the variation.

I don't intend to agree to the new T&Cs.

Not because I dislike CreditFix because I don't.

It's just I think they are to my detriment for a couple of reasons.

I think, for now, i will file the t&c. Thanks for the advice, I will wait and see wht CF's next move is.