Hi all,
got this from our good friends over at credit fix to sign.
What say you experts??
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Creditfix Limited: Registered in Dublin, Republic of Ireland, Registered Number 432293.
Registered Address: Avonlea, Demesne, Lucan, Co Dublin, Republic of Ireland
Our refXXXXXXXXXXX Susan M Wriglesworth, Authorised to Act as an Insolvency Practitioner by
the Insolvency Practitioners Association
Creditfix Limited
4 West Regent Street
Glasgow
G21RW
T: 0141 565 1300
F: 0141 565 1301
04 December 2014
PRIVATE AND CONFIDENTIAL
Dear Mr XXXXXXXXXXXXXXXXXX
Creditfix Limited
IVA Advice Company Limited
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.
Please note that none of the amendments will change the amount you pay into your
arrangement or the term of your arrangement. The costs of the amendment to the terms are
met by your creditors, who have already provisionally agreed to the proposed changes
because of the benefits to them.
It should also be borne in mind that even if your arrangement has less than a year to go
before closure, the benefits of the variation remain. Specifically, the IVA will formally obtain
creditors’ sanction with regards to the amount of PPI redress you are able to keep, and also
provide me with the discretion to close your IVA when it is believed all PPI has been
realised.
What happens next?
If you have received this notice by post
Where you are happy with the content of the enclosed resolutions, please ensure that you
sign and return the form where indicated, and return in the enclosed stamped addressed
envelope.
If you have received this notice by email
If you have received this notice by email, you may have already agreed to return the form by
EchoSign. If that is the case, please ensure that you follow the instructions contained within
the email you have received. Alternatively, please print the form, sign, and return to the
following address;
Creditfix Limited
4 West Regent Street
Glasgow
G2 1RW
Once the form is returned there will be no further involvement on your part. My staff and I
will complete the process by convening the meeting of creditors, and we will then inform you
of the outcome of that meeting in due course.
I look forward to working with you to ensure you successfully conclude your IVA. Should you
have any further queries, please do not hesitate to contact our office on the number above.
Yours sincerely
Susan M Wriglesworth FIPA
Intended Nominee
IVA REFERENCE: :IVA*****
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.
Creditfix Limited: Registered in Dublin, Republic of Ireland, Registered Number 432293.
Registered Address: Avonlea, Demesne, Lucan, Co Dublin, Republic of Ireland
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
Signed: {{Sig3_es_:signer1:signature}}
Creditfix Limited: Registered in Dublin, Republic of Ireland, Registered Number 432293.
Registered Address: Avonlea, Demesne, Lucan, Co Dublin, Republic of Ireland
Date:________________
Creditfix Limited: Registered in Dublin, Republic of Ireland, Registered Number 432293.
Registered Address: Avonlea, Demesne, Lucan, Co Dublin, Republic of Ireland
Date…………………………………..[/i][/i]
Last edited by
Credit-King on Thu Dec 04, 2014 4:23 pm, edited 1 time in total.
