I remembered the letter was sent electronically. Here is the summary. Sorry it's a bit lengthy. It is a variation of terms and I am wondering now if I should have signed.
I refer to our last communication regarding the transfer of your IVA to Creditfix Limited. I
hope by now that we have managed to speak with you, either through the normal course of
business or via one of our customer service campaigns, welcoming you to the Company. I
would also like to thank you once again for your continued patience during the transfer
period while we update all of our files.
To continue to make this transfer as smooth as possible, I would like you and your creditors
to agree a variation to the original terms of the IVA. The variation will bring the terms of your
IVA in line with those already administered by Creditfix, at no direct cost to you. Bringing the
terms of your IVA in line with the rest of the business will help to ensure that we are able to
maintain excellent communication with your creditors, while providing more flexibility to
ensure the successful completion of your IVA.
The effect of the variation will include:
- To ensure that PPI is properly dealt with and agreed by your creditors. Previously,
there has been no agreement with your creditors on this point, leading to a certain
ambiguity in the IVA. Non-inclusion of PPI within an IVA proposal requires formal
disclosure to creditors as it is a material asset. Creditors will be asked to consider
that you keep a proportion of any successful PPI win.
- To increase my discretion to admit claims into your IVA where the creditor has
stated the amount owed is greater than that in the original proposal. This will avoid
any potential breach of the terms.
- To ensure that an income and expenditure review is only required once a year.
- To ensure that the operation of a creditor gateway for your case is maintained,
where creditors have online visibility of your arrangement and can help identify
where they need to submit a claim. The effect of this is that your arrangement will
be far more likely to close on time, with less administration required at the end.
RESOLUTIONS FOR CONSIDERATION
1. The Supervisor is authorised to investigate any PPI claims and to realise
the same for the benefit of the arrangement.
2. It will be a matter for the sole discretion of the Supervisor whether or not
the claim or claims should be pursued. It will not be a breach of the IVA if
any claim is irrecoverable or is impractical to pursue.
3. The debtor be authorised to claim 50% of the net realisations after costs
from mis-sold PPI realised during the course of the IVA.
4. The Supervisor is authorised to draw a fee of £125 to cover the costs
associated with convening the variation meeting of creditors, payable only
where the Supervisor distributes three consecutive dividends within 6
months of her appointment.
5. The Supervisor's remuneration is changed to 23% of realisations
6. 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 arrangement.
7. The Supervisor has the discretion to admit claims up to 115% of the value
provided for on the Statement of Affairs, without the need for additional
verification
8. The Supervisor will convene a meeting of creditors where the sum of all claims
exceeds 115% of the value provided for on the Statement of Affairs, to
determine any action required.
9. In consequence of these variations, any clause providing for a minimum
dividend shall not apply
I confirm that I agree to have the above noted resolutions presented before
my creditor
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