www.iva.co.uk

Husband just had call from CF to say that any savings account is TREATED AS ANOTHER SOURCE OF INCOME? I would swear but am not going to on this board. How can what you have saved be another income stream? Time to take this a little further methinks.

MelanieGiles
IP



Posted - 03 January 2008 : 21:29:24
I would encourage all of my clients to open a savings account to pay in their contingency and any other spare money they have available so that it is there when needed. It just makes good sense and encourages careful budgeting.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

This just makes no sense to me what so ever! What are we supposed to do with allowances such as car maintenance/tax etc?

And if we cannot save a little from allowances for birthday's/Christmas/unexpected events then what are we supposed to do when they come around?

Also where are we supposed to keep the money we have to put aside? Under the mattress?!

I'm getting so angry with CF as the days go on, putting us under this stress really isn't fair and i feel like pre IVA days at the moment.
The uncertainty is really starting to take its toll.

I also have email from a Mel stating its acceptable and recommended to have a savings account. This is not income.

They categorically say that it is. So, I guess when they do our review in April they will cut our allowances even more due to the "revenue stream" that the savings account has "created".
Sick to the back teeth of this bunch of numpties.

Grimswold, Just out of interest, was this someone from customer services who told you this or someone higher up?

Gregg seems to have disappeared from the forum and from what i have read getting hold of our IP seems to be near on impossible, but this is something that i think needs to be challenged.

We also strongly advise our clients to save. It is proper advice and not any form of 'income stream' unless someone wants to chase the miniscule amount of interest paid to depositors these days!

What about the self employed? They need to save to pay tax bills which could be substantial and employed clients do right to save their allowances. I would ask for this instruction to be sent in writing signed by the IP as it contradicts previous advice from Melanie when the IVA was first set up.

This is ridiculous...would be good to hear from someone who has gone through an annual review with Creditfix, who has put some of their allowances in a separate account.

I'm self employed Michael and have to save my tax each month, will be very interesting to see what they have to say about my case!

im close to failing this iva and rewriting another with a company of choice. Can Michael shred any light on this savings matter? I dont have mich (less than £100) in ours at present but when do review wll they alter all the allowance amounts that are given? I can see CF looking at bank statements and only allowing the values of DD as outgoing s and claiming the surplus as iva payment...which is what snother large company did as our quote at time of looking into iva. It was only mel who told us about allowances for hairdressings, clothes, dentist etc.

This all seems rather silly and lacks absolute common sense. Most of us probably got ourselves into this mess in the first place partly because we relied on credit to pay for things rather than money we had put aside so they are not exactly encouraging good habits. The simply solution would be then not to open a "savings" account but to have a second current account or a prepaid credit card like "cashplus" - it wouldn't be classed as savings then and any allowances are safely put away for when they are needed. Just let them try to take it from you later!! No way would that fly if all you put aside was the amount agreed by creditors or agreed 1/50/50 from bonuses etc.

Call to Creditfix just now. At first, after explaining about the savings account I am told "oh yes that is OK" so when I explore the situation a bit further it transpires that at review they will "look at the original proposal to see what is written in there". I told the rep that Mel had advised her clients to open a savings account therefore it would probably not be in the original proposal. So she then changes tack and says that at the review they will "look and see if it is something that can be considered for authorisation" = complete U turn. I mentioned that OK and considering/authorisation are NOT the same thing and was told well it was something written into Phillip Gill contracts - so I said well I came from PJG and she said they are the same company.

As usual a complete sow's ear of a perfectly simple situation.

ALso, asked where Greg was and why don't they put any info on the forum about these things and got the priceless answer about there being so much misinformation on this forum that it presents CF in a bad light which they are not happy about. So I said I was not surprised in the least that they are in a bad light, and if people look on this forum when trying to find an IVA provider then they would see that CF was not a good company.

Greg was told to post here a couple of times to show a presence. That seems to be that and I guess no more answers will be forthcoming from CF.

I asked to speak to Wriglesworth and was told that the company would "get someone from xyz team to contact me". I asked if SW was God as Greg was always telling me he would ask her the questions he had and would get back to me. So unlike what we are used to she is untouchable. Incidentally he never got back to me after several emails that I sent asking him to.

I would like to say to CF that the amount of conflicting information I have had has been utterly amazing and I am surprised that they actually have the ability to tie simple things into complex knots, and that I trust them as far as I can throw their entire building of reps in Glasgow.

Creditfix stink and the sooner the ombudsman gets hold of them the better.

Now worried about the upcoming review. None of them there seem to know what they are doing, the result of the review will I guess just be what the individual who has been told to handle it "thinks" it should be on the day that they do it, because lets face it one never gets the same information twice.

So, so angry about this whole thing. Come on Creditfix, get your act together.

ps urbanfox, ANY account that you put money into counts as a savings account my husband was told. We too are both self employed and have to save for tax etc.

Just rung creditfix and been told that they do not allow a savings account with an IVA as it is classed as additional income and will be claimed by them for iva. I argued that its not additional income as from our share of overtime and allowances monthly needed for annual events. Im fuming. He asked where id heard of this, was it on the forums to which i said yes. I want out of this iva now. have no faith or trust in this company.

This is total nuts but Abbiesmum I would not recommend you fail the IVA and switch. Stay and try to get this resolved otherwise it is back to square one with no guarantee creditors would accept a new proposal.

Keep pushing for clarification in writing from the IP and perhaps contact the regulators and ask them for their advice on the matter. Explain you have received conflicting instructions from when you started the IVA with one IP to now when a new one has bought your case.