Creditfix again

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ivamess

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Post by ivamess » Fri Dec 12, 2014 12:16 pm
Just seen this on another thread (my apologies for not answering the OPs question as I don't know what the answer is):

"....and has been recommended to talk to Creditfix by Barclays..."

SOOOO why are Barclay's recommending Creditfix and how might it connect to the signing of new T&Cs and the hike in fees to 23%?

Am I just paranoid or is there some connection between CF and creditors?? And if so, why?
 
 

Foggy

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Post by Foggy » Fri Dec 12, 2014 12:26 pm
As I have mooted before ---- some large companies are getting too cosy with creditors. It is like putting a fox in charge of guarding the chickens.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

hubert

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Post by hubert » Fri Dec 12, 2014 12:49 pm
When I spoke to Creditfix they said their size and relationship with creditors gave them more clout and creditors were more likely to agree things they put forward than other companies.

It does sound like getting cosy... But what that means for little old us remains to be seen.

I wonder if Creditfix take away a large amount of admin from the creditors or have just earned their trust.
Last edited by hubert on Fri Dec 12, 2014 12:49 pm, edited 1 time in total.
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ivamess

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Post by ivamess » Fri Dec 12, 2014 12:59 pm
I cannot see it that way Hubert but you may be correct. My reasoning is that if a large company has more clout with creditors and creditors are more likely to agree things (presumably for our benefit) then why would a creditor recommend them? Surely they would recommend someone who gave them the best deal and not the debtor? So therefore I think CF is giving Barclay's the best deal in this case, and not the debtor.
 
 

hubert

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Post by hubert » Fri Dec 12, 2014 1:46 pm
I hear what you're saying. Honestly I really can't fathom it myself.

There may be more to it than just the fee %. If ultimately they have a lot less trouble with Creditfix that might play a part. Or maybe they know Creditfix are far better at getting ppi claims or just they are unlikely to sell an IVA on.

Us mere mortals can only sit and wonder.

I hate to think it's because Creditfix can squeeze more from a debtor. Judging by the many and varied lines on their I&E sheet it seems unlikely. Also squeeze debtors and Ivas will fail or they'll keep asking for payment breaks - all admin overhead for both CF and creditors.
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ivamess

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Post by ivamess » Fri Dec 12, 2014 2:20 pm
It reminds me of Cameron's "we're all in it together". I think that as for most of us the creditor is no longer the original one that we owed money to, but the one that bought the debt, this may also play a part. I'm thinking that if, say, someone owed 10K to Creditor A and Company B bought the debt for 2K then it would pay them to use an IVA company that could get 3K out of the debtor? Because surely if the 10K is sold for 2K then an extra 1K is worth it, even if they have to pay an IP more for the privelege. However, those of us that went with PJG are flies in the ointment but worth taking on in the grand scheme of things because it ultimately helps to return something to the shareholders as the company ultimately grows and this is what they mean by having more clout with creditors?

However, I am no economist and this is probably why I got in an IVA-mess in the first place!
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