Personally I find it sad for all those clients who have been transferred and unfortunately there will be some uncertainty for a time. However I am sure everything will remain pretty much the same and the clients will proceed as normal.
The saddest thing for me is the loss of Melanie Giles from mainstream personal insolvency which is a huge loss for the business. I know Melanie is upset at having had to make this decision and it was not taken lightly. It is a result of the constant squeeze on IP fees and the smaller players cannot make a living especially with cases where there is a low surplus income.
Ultimately IVAs will become a means of getting clients for cross selling other products such as insurances, utility transfers, financial services etc. Unless the IP can generate work themselves from clients with reasonable surplus incomes then IVAs alone are not profitable. Larger firms can absorb some loss making cases within their portfolios due to costs of scale and possibly excess capacity but niche firms cannot do this.
There will be other firms leaving the marketplace unless the fee situation is addressed. This will reduce the choice of those in debt and leave clients with small surplus incomes no option other than eternal debt management through bank funded charities because no IP firm can afford to take them on and the costs of bankruptcy leave that option out of reach.
The restriction in choice and availability of quality free advice is the saddest thing to come out of this and those in debt will suffer most going forward.
We are all in this together ,people on this forum with a lot of knowledge and experience have said we can't be forced into our terms and conditions changing, some of us are no where near the end so have endless questions that will crop up all we can do is wait and see and stick together surely?
We have received the email this afternoon to say we have been transferred, we have 2 payments left and will finish in early December, i cant believe we have been sold on when we are so close to the end, weve gone from happily counting the days down to now being worried again, i hope creditfix are as good as the email from pjg say they are then all will be ok, if not then talk about being sold down the river !!
well im 6 months in . Little angry and its all so sudden. Do all the bank accounts I pay into remain the same? Do I continue as normal? Has the friendly personal touch been replaced with a corporate faceless company I avoided when I declined Vincent bond?
I had some random guy from an IVA company yesterday (Kensington I believe) ask me randomly if I had an IVA with them and how much I pay monthly. Why would a company phone and expect me to answer that? Lots of questions.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
Personally.........
The saddest thing for me is the loss of Melanie Giles from mainstream personal insolvency which is a huge loss for the business. I know Melanie is upset at having had to make this decision and it was not taken lightly. It is a result of the constant squeeze on IP fees and the smaller players cannot make a living especially with cases where there is a low surplus income.....
Is this the beginning of the end for personal IVA's?
I know that Melanie posted a number of times her concerns about fees being squeezed and then came along the 2014 IVA protocol with it's secured loan requirement. Seems to me like the financial institutions will be wanting just DMP's which last longer, are not legally binding, provide a higher return in the long run and they effectively have total control over. RIP IVA?
I guess if your'e in one now be thankful , keep your head down and slog it through. But yeah I do foresee a lot of changes.
I guess my only other question would be a change in fees. I certainly am not signing anything without careful consideration. But if im forced ...I can't go back to how things were before.
Last edited by Rickne on Thu Oct 30, 2014 5:28 pm, edited 1 time in total.
I would like to thank Michael for his reasoned and sympathetic message on the previous page. I can see that the big boys can squeeze the little people so hard that the pips squeak and force them out of business. Owning a small business with Mr Ivamess I know we have more than enough trouble keeping up in current climate which is the biggest reason we ended up in this situation of having the IVA.
I trust Creditfix not one bit, especially after Googling Pearse Flynn and High Court. I am amazed that he is allowed to run a company dealing with finance at all.
Why does nothing surprise me any more? Thanks Melanie for setting me up and giving me good terms and conditions and a decent I&E, at least I had the benefit of your expertise which future IVAers won't have.
And, those ex-PJGers at least we all have each other on here; somehow it makes life slightly better knowing I am not the only one.
Well said ivamess that is very true, the knowledge and support on this forum is second to none and any questions relating to my iva with the newly formed creditfixme will certainly be asked and answered on this forum first
btw if my salary doesnt change at work and my I&E stays roughly the same, can xxxxxxxx.co.uk change it or is it really set in stone when setup with PJG ??
Last edited by ridingthestorm on Thu Oct 30, 2014 6:31 pm, edited 1 time in total.
Loved Money, Hate Credit, Road to Recovery.... IVA started 3/3/14 -- IVA F&F accepted 18/5/17
Ridingthestorm, I have edited your post, above, as the forum ethos is respect for all and the amended company name could be construed inappropriate by some.
To answer your question they can only amend your payments within your current terms and conditions, the allowances baseline has been set and can onlt be amended if your actual spend alters.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I've just received the transfer email and initially thought it was spam! It certainly gives me a sinking feeling thinking about what this new outfit will do to my IVA terms. I've just completed my third review (I think!) so I've got a while to go. The reason I picked Melanie was simple - piece of mind. I'm not as upset with the sale to Creditfix rather the way it has been handled, it's not been customer focused.
We've all got lots of questions but my concern is will they deliver what is promised?
I'm self employed and only scraped into an IVA with thanks to my parents. PJG understood my circumstances. Can they terminate my agreement if they increase fees and I have difficulty paying?
Will my monthly contribution go up next year because they're not making enough money from me?
As unrealistic it is we should be given the freedom to move to a company of our choosing.
Today is the first time I've worried about my debt since the IVA started.
Last edited by vito on Thu Oct 30, 2014 6:49 pm, edited 1 time in total.
Just popped on as I've not been on for ages and I find this thread and my heart sank. I can't believe it. We did, like many many others do so much research before deciding on Mels team probably due to the recommendations and personal approach. I have not had to have any contact apart from annual review thankfully as no problems have arisen. As posted by vito this is the first worry I have had.
Are all of us being transferred? I would have expected us to have know about this earlier as others have touched on. Mel will be missed on the forums, her level headedness calmed me down so much before my iva began.
I am sure Mel would have loved to have been able to forewarn you all --- she put her clients welfare right at the front of her business model. However, in the world of commerce there are protocols and agreements which usually prevent any announcement before the deed is done, which Mel would have been bound by.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
A few have posted about my main concern...allowances and I&E.
We had our budget set by Mel who was realistic about outgoings and didnt stick ridgidly to allowances but to our family outgoings. It was accepted by creditors and at review a few DD had gone up but we felt able to absorb them. Will creditfix be able to remove these now or ask for more if no changes to salary? Mel only needed payslips and evidence of changes...will this company scruntinise bank statements and remove 'unnecessary' allowances? We scrap by now because payment is more than out disposable but its so little already we didnt want to reduce further and so just about manage. The rise in fees worries me....can we refuse to sign a change to T&C's?? ive not had anything from either party yet only the email direct from Mel after i emailed on saturday when this news broke to get confirmation. She said would get letter in post...still waiting. This is the worst ive felt for nearly 2 years and back to sleepless nights, panic attacks and general worry about our financial future. We were going to have clifford watts investigate ppi...i guess thats not happening now.
I found my correspondance via an email in my Spam .The same letter as sent to many of us.
This includes contact details .
I feel more relieved ive sent out my first point of contact via email.
One of my questions to them was , who is looking after my PPI now, as I was Clifford Watts !
Anybody have any thoughts how PPI might be managed now and by whom ?
I have just sent off an email with a query to the new email address and have asked for an urgent response so it will be interesting to see how long it takes for them to come back to me.
At the very least I will have a record that I have contacted them should there be any problems moving forward with our valuation paperwork.
Like others have said I am back to panicking and stressing about all of this and had to leave work early as I had a stunning headache and nausea which I am sure is all down to this.
I am very worried.
that is very true, the knowledge and support on this forum is second to none and any questions relating to my iva with the newly formed creditfixme will certainly be asked and answered on this forum first 
