Final Review (they say) Creditfix

[mrhall88]

Ok, I'm in my fina year of my IVA, over the years I paid whatever and generally just went along as 5 years paying is something I shouldn't be stressing over. Now i'm in my final year and with Creditfix I have thier app and been working out from what they said was my amount owed and was so happy that I finally reached under £1000 left to pay, then I just had my final review.

The lady said it was my final review and change in wage meant my payments would go up by £40 and i said its best to round that off to £200 as if i had under £900 left then that would only mean not many payments left, right.

Wrong, Now i feel a little hoodwinked now its saying I have 10 payments left and what i'm left to pay is £1800!! Me being so excited that i've finally managed to get under £1000 left now has to £1800 to pay and at £200 a pop!! She never told me this, and its quite dishearting, my birthday is in July and i really thought i'd be debt free by then and now it doesn't look so, i don't get it, why is what i' paying back suddenly just gone up like that?

[kallis3]

Bear in mind that you always owe the full amount to creditors plus fees until your IVA is completed and debts are written off. The fact that you have offered this extra money means that you can afford it and therefore your creditors will see a greater return. May I ask how you are able to find this extra money?

[Foggy]

When you start an IVA the estimated return that you pay is just that ...estimated. It is not a 'set in stone' figure. What is set in stone ( unless formally amended by variation later) is the number of payments ... and you have to make these payments until such time as the IVA ends naturally or you manage to pay back the full original debt, plus fees, and possible statutory interest, whichever comes first.

Bummer, I know, but you are still nearing the end. Hold on to that thought.

[mrhall88]

Bear in mind that you always owe the full amount to creditors plus fees until your IVA is completed and debts are written off. The fact that you have offered this extra money means that you can afford it and therefore your creditors will see a greater return. May I ask how you are able to find this extra money?

Since 2018 I been living with a partner. My income was £850 a month. In 2021 I split with him and now I earn £1100 a month. That doesn't mean I'm better off as I have rent and travel to pay now. The put my payments from £141 to £194. I said just make it £200 as £194 isn't a rounded number lol

[kallis3]

Perhaps you should have let it stand as it was. You will have to continue trying to sort this with CF..