At the beginning of my iva I owed 30,000. With uplift payments,I have paid back around 17,000 with only 7 or 8 payments to make. I have just had a Ppi refund payment of 21,500. This obviously goes straight into my Iva. Now I know that I am liable for the full amount until my iva finishes. When I called my iva supervisor today, I was told I still owe 23,500 so the Ppi payment is not enough to finish my agreement and I still owe 2,000. So when I make my final payment, I will have paid 41,000, 11,000 more than my original destination. I expected fees and interest but 11,000 seams a lot. Does this sound about right?
On a 30,000 loan you will be looking at around £6,000 in nominee and supervisor fees. Add to this statutory interest at 8% p.a simple ( ignoring dividend payouts reducing the balance) then another £12,000 gets added before the whole lot is settled.
So to completely clear £30k debt you would need to pay over around £48k.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yep --- not quite as bad as I painted it as the interest would be a bit lower as it is, of course, in reality, based on a reducing balance, and not always over the full 5 year term.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Another question if anyone can help. My iva was transferred from pjg to creditfi in October 2014. In December I signed a varition in terms consent form. The carrot that was dangled was that debtors were able to keep 50% of ppi refunds. What happened with that idea. Like ppi,have I been falsely sold this idea? I here creditfix take higher fees than pjg. Had l not signed, would l owe less than 2k?
They messed up and now at times even deny they tried getting a variation.
Double check the fees as well - when challenged they have reduced back to 15%.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Of the ones actually put forward I believe the creditors refused the PPI refund, I am not sure about the fees. But, as LNE says, the story changes all the time.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The fact we got our cc so quickly and that they had done no review since our transfer from pjg made us decide to just take it and run.
Ultimately in our case the creditors accepted the final bill and we have not looked at what they charged (other than send it to my accountant to right off against tax - possible if run your own company).
Cynical I know.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
The full amount was paid into the estate as I didn't use a claim company, I did it all on my own back. Unfortunately communication is not CFs strong point. I questioned the variation consent letter and they told me the ppi business was rejected by the creditors as shown in the chairman's report. I never received a copy of the report. Another thing that is worrying me is that I have been making some decent bonus at work recently and regularly have been making uplift payments in excess of £200. CF no longer take standing order payments, so I have to ring them to make the payment. Early April,when I tried to make a payment and they would not take it as I have been making regular uplift payments they may need to make adjustments to my regular monthly payments. They asked me to send in my wage slip of which I did. They have not got back to me and I have had another wage since then where the uplift payment would be around £300. I have questioned this and was told it would be looked into why no one has got back to me. I am now worried they are going to ask for around £600 uplift in one go. Because I naively thought my ppi would clear my debt, I did not put this money aside and used it to buy new much needed clothes and admittedly, treat myself to none essentials. Foolish, I know, but foolishness got me into this mess in the first Place. I have now gone back to sleepless nights and poor health through worry. Seven payments to go and I can see everything going wrong.
Huddo, try and get some rest, ask for a full breakdown of what's paid if necessary and if they want the money all in one go, try and make a deal that will allow you to tag this on the end.
What CF and many other companies need to recognise is that we (the debtor) need answers, not silence as this is what causes us unnecessary (most of the time) anxiety.
Keep in touch with the forum and we will try and help, but do demand CF talk to you as it's often he who shouts loudest.
Last edited by Shining on Sat May 21, 2016 7:23 am, edited 1 time in total.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thanks Leslie. I have already asked for a statement of monies paid,but it is yet to transpire. To be fair, I have been emailing a lady at CF the last few days and she has got back to me. I've had more correspondence this week from them than I have in the whole 2 yrs I've with them. I would love to go back to PJG who I had contact with on a monthly basis. Happy days!!
I used to be with Melanie and I agree it ran smoothly and there was good correspondence.
Hopefully this lady will be a good point of contact and give you some peace of mind. All the best. Remember we're here if you need us, for that added support.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
