CREDIT FIX WANT ME TO SIGN THIS

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ridingthestorm

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Post by ridingthestorm » Thu Dec 04, 2014 6:29 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy

It is very similar to the changes proposed when my IVA was taken over -- I did not sign mine.

Thanks Foggy
Loved Money, Hate Credit, Road to Recovery.... IVA started 3/3/14 -- IVA F&F accepted 18/5/17 :D
 
 

Lou74

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Post by Lou74 » Thu Dec 04, 2014 6:40 pm
I don't have a minimum dividend, it was just an estimation. I think one of the creditors put forward a modification that one should be reached, but it was rejected. Surely if there's no minimum dividend, they cant increase the length of the iva just because the fees went up?
Vito, the details will be in the proposal put forward by PJG, but check for any modifications that were accepted in your chairmans report.
 
 

Foggy

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Post by Foggy » Thu Dec 04, 2014 6:47 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by recovering

I thought as much can I ask how you replied? I would like to be polite and make it cler I intend to do as much as possible to fulfil my obligations but do not want to sign
I simply told them I was not going to sign as I could see no advantage to me.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

recovering

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Post by recovering » Thu Dec 04, 2014 6:52 pm
You are very brave! And as I've said before the Oracle! I will await my letter
 
 

Foggy

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Post by Foggy » Thu Dec 04, 2014 6:59 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by recovering

You are very brave! And as I've said before the Oracle! I will await my letter
Not brave, Recovering, but bouyed on by my own anger at being transferred against my will.

In my case, and taking into account my subsequent change in circumstances, I noticed no difference in how I was treated. I cannot however speak for other firms.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

hubert

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Post by hubert » Thu Dec 04, 2014 7:01 pm
I am planning to say something along the lines of... Having reviewed the document thoroughly as requested in the email I have decided to stay on my original terms as these changes are to my detriment.

If asked I'll point to a hike in fees having potential to leave me with more debt should the Iva fail. Ppi I don't care about. If there is any I had already accepted it was gone to the creditors. In my case I doubt any exists for me as I never took ppi.

If this thing about the old terms being somehow flawed causing Ivas to drag on and never complete is waved at me I shall point out the hundreds of PJG clients on here that magically did complete with their old terms.

I will add that I'm feeling particularly unhappy and defensive today, about all of this. I'll sleep on it and reconsider objectively tomorrow :)

I do realise that CF want not just more cash out of us but also everyone on identical terms, as it'll be easier to administer.
Last edited by hubert on Thu Dec 04, 2014 7:06 pm, edited 1 time in total.
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Michael Peoples

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Post by Michael Peoples » Thu Dec 04, 2014 7:03 pm
My main concern is if creditors accept some but not all of the resolutions. There should be clarity that if all are not accepted then the IVA stays as is.

Also anyone paying 100p could end up paying the extra 8% fees out of their own pocket. I would be loathe to agree to this if paying 100p especially if I had never claimed PPI. The additional fees and costs of the PPI investigations could lead to huge additional costs for the client.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

recovering

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Post by recovering » Thu Dec 04, 2014 7:14 pm
I will politely decline this pointing out I cooperated with Clifford Watts PPI investigation so will do the same with any they want to start
 
 

Adam Davies

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Post by Adam Davies » Thu Dec 04, 2014 7:19 pm
Hi

Lou74, yes if you had a minimum dividend pledge and debts came in 15% higher than originally stated you would not have to meet this dividend under Creditfix proposed amendment.
I know it looks a minefield and I feel for everyone caught up in this but if your payments and term of your IVA are unaffected then you have little or nothing to be concerned about.
Michael makes a valid point but not many people will achieve a 100p dividend

Regards
Andam Davies
 
 

recovering

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Post by recovering » Thu Dec 04, 2014 7:21 pm
Andy are you saying you would sign?
 
 

ivamess

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Post by ivamess » Thu Dec 04, 2014 7:22 pm
How can we find out what is going on here? I don't know what to sign or not. Big minefield and so worried. Have mental health issues and this is making them so much worse.
I went with a company I trusted and now I am floating on a sea of worry. No sleep for me tonight, I thought I was sorted but clearly I am not. And I am expected to understand a load of financial jargon that is competely beyond me.
 
 

Adam Davies

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Post by Adam Davies » Thu Dec 04, 2014 7:29 pm
Hi

When I was in my IVA I probably would have resisted signing too be honest, HOWEVER looking in from the outside now and knowing how the industry works I would now sign. You can't win the war, the IP and creditors hold all the aces I'm afraid, as long as your payments and term of the IVA do not change then I would comply. Let the IPs and creditors fight out the PPI fiasco and the fees charged within an IVA etc

The goal is to complete the IVA as soon as possible and move on with your life

Remember I am not an IP, this is my personal opinion from years of experience dealing with both debtors and the IPs within this industry

Regards
Andam Davies
 
 

fruitloop

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Post by fruitloop » Thu Dec 04, 2014 7:33 pm
My husband and I have an estimated dividend, so in simple terms, what do the new terms mean to us? Sorry if I'm being abit dull!
 
 

ivamess

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Post by ivamess » Thu Dec 04, 2014 7:34 pm
But Andy, what can they do to extend it? At the moment it is five years but how do I know that if I sign it might not end up as more?
 
 

vito

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Post by vito » Thu Dec 04, 2014 7:35 pm
Just had a look at my third annual report and it doesn't mention "minimum" anywhere, just Estimated 27p or something. What does that mean in terms of the new terms?

Just to add I have no PPI claims + nor property for equity.
Last edited by vito on Thu Dec 04, 2014 7:36 pm, edited 1 time in total.
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