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.
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
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
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.
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.
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
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.
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
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.