Creditfix taken over my IVA

[Seventh]

Hi, my IVA with Knightsbridge has been sold/passed on to Credit Fix. I have never heard of them but I have received a letter from my old IVA provider with a letter from Credit Fix included. Within this letter it asks me to sign a document authorising them to investigate PPI (won’t get anything, already claimed but I see their point) that the remuneration of the supervisor is to be increased, that they have the discretion to admit claims up to 115% of the value provided for on the statement of affairs without the need for additional verification, and that the supervisor will be authorised to draw a sum in respect of convening the meeting.

Now, do I have to sign this? I’ve also received an email today asking me to docusign the amended terms but I was happy with the previous terms hence me using that provider. Just seems to be that CF are trying to take more money which I know won’t affect my contributions but will affect the total amount to creditors.

Any guidance would be appreciated.

Many thanks

[Ryan]

Hi Seventh,

There's a topic at the top of this page covering this;

fao-knightsbridge-clients-f145-t83979


Many others are in a similar situation.

All the best.

Regards

[Seventh]

Thanks Ryan, I had read that before posting but it didn’t answer my question. However, after reading more posts I can see many others are in the same predicament and that I don’t have to sign anything and my IVA will continue on the previous terms.

Thank you for taking the time to reply

[DAVIDBOWIE63]

Recieved the letter today.

A bit worried to be fair.

Im nearly 4 years into my iva and this is very unsettling.

Cant believe Supervisor fees are 23%.

Do we have to sign the enclosed form.

Thanks

[Foggy]

Recieved the letter today.

A bit worried to be fair.

Im nearly 4 years into my iva and this is very unsettling.

Cant believe Supervisor fees are 23%.

Do we have to sign the enclosed form.

Thanks

You are not obliged to sign the variation.

[GoonerDad]

You are not obliged to sign the variation.

What happens if we don't? Read somewhere that they've wrote the won't be as cooperative or flexible if financial troubles or during closure. They haven't been great so far anyway.

[kallis3]

You will be fine - you have your original paperwork and they can't make things awkward for you, you should receive the same service and if you have a problem you can also complain about them. Keep copies of all correspondence between you and them.

[Foggy]

This is basically a repeat of previous acquisitions ... see https://debtcamel.co.uk/pjg-creditfix-iva-fees/

There, the carrot was a share of the PPI, although it wasn't guaranteed and was conditional on the creditors consent ... I have not heard from anyone getting a share ! There is no carrot this time, so they have slipped the fee increase in amongst a few meaningless proposals.