This link to this article may have been given before, so apologies in advance, http://debtcamel.co.uk/pjg-creditfix-iva-fees/ but it makes for interesting reading! Along with other comments from this forum, a tad concerned as in the midst of waiting for the outcome of PJG/Creditfix F&F variation Meeting...
Ok, so I've just got my uplift letter from our good friends over at creditfix.
It has an odd point on there (point 5)
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>The supervisor conducts an income and expenditure review once a year for the duration of the arrangement, and that such a review is completed no later than two months after the anniversary of the agreement
Now I have no plan on signing, it as they don't deserve 23%, they bought the accounts at 15%, its not my fault they aren't making enough money.
Why would they include this point, as annual reviews are already included on my agreement (obviously contractually, not legally as the law makes no mention of reviews)
I've had the contract reviewed legally so I know its valid, which leads me to think that for some reason it needs re-applying? (either way it's going to make review time fun I reckon)
Like many of the changes in the Ts & Cs this is already dealt with in your current arrangements.
This "padding" serves to camouflage the main thrust of the changes which is to hike the fees --- the more to wade through, the less likely you are to examine or fully understand what you are signing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Ive received a letter from them at long last after the initial letter stating that they had taken on PJG etc.
They want to increase their percentage to 23%.
I would consider myself a fairly intelligent man but a lot of what they stipulate and ask me to agree too goes completely over my head.
Will check out that link now, not sure what the general consensus is with this though....or peoples opinions.
They state it wont cost me anymore money, but surely the creditors are less likely to accept? Apparently though they have already "provisionally agreed to the proposed changes as there are benefits to them"...
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by doritos
Ok, so I've just got my uplift letter from our good friends over at creditfix.
It has an odd point on there (point 5)
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>The supervisor conducts an income and expenditure review once a year for the duration of the arrangement, and that such a review is completed no later than two months after the anniversary of the agreement
Now I have no plan on signing, it as they don't deserve 23%, they bought the accounts at 15%, its not my fault they aren't making enough money.
Why would they include this point, as annual reviews are already included on my agreement (obviously contractually, not legally as the law makes no mention of reviews)
I've had the contract reviewed legally so I know its valid, which leads me to think that for some reason it needs re-applying? (either way it's going to make review time fun I reckon)
That doesn't appear to be any different to PJG. I am still with PJG. My anniversary date is 13 November. I sent all the relevant info to PJG in November and received an email at the time stating that they had everything and they had until January 13 to complete the review and notify me and creditors of result of the annual review. I got the relevant annual report couple of days ago.
I received the letter today about the change in fees. They also mentioned the annual review being completed within two months. That was yesterday and no sign of it yet!
I had the same letter (T&C) it is also filed away! I also received the email with regards to changing the bank account my payments go to, there is another thread on here regards that topic. I only have 7 months to go and with no property I am hoping all will be well and my IVA will complete when it should, last payment being July!
