Sorry to start another creditfix post, but I just wanted to update you. After weeks of emails back and forwards, my annual review from CF that was due in October is "complete" Basically I had a 5 line email to say, after reviewing your i&e, there will be no change to my contribution and my monthly payments will continue at the same amount.
The issue I have is that after last years review with PJG, my husband had a payrise. This pushed our surplus income and monthly payments up above our agreed amount, which was fine. Now this year, I have changed jobs and had a paycut. My expenditure is roughly the same, and my i&e that i sent to CF reflected this. My surplus has gone back down again, and I believe my iva payment should be closer to the original amount that was agreed at the initial creditors meeting. How can this be right that my payments havent gone back down???? I have asked for an explanation and a detailed breakdown. I feel they are paying lipservice to me, and just saying, yes, your review is complete, so I can be ticked off the list.
Should I have a copy of an official report to creditors as part of my review too?? With pjg, we had a progress summary, receipts and payments account, and a list of dividends paid to date among other things. All very official. Am I to take it that this 5 line email is my completed annual review?
I just really feel that they havent read it or looked into it properly at all
There should be an annual report circulated to creditors with an up to date income and expenditure account. If you have submitted one showing you cannot afford the payments they can be decreased without another meeting of creditors as they were already higher than the beginning.
Email back asking for the report and asking to see the I&E on which they made the decision not to change your payments.
Thanks Michael. I have emailed them back. Should I also get a more detailed report showing where the money has gone and the dividend to date etc too? Or is this just pJg?
Hi Mrs R.
It was all done electronically. They sent me a blank i&e template which I completed and sent back, plus I sent pdf copies of 6 months worth of bank statements. They didnt ask for a p60 or anything, but I did send my most recent monthly wage slips to show my new income. They didnt actually ask for these, but I sent them anyway.
When was your review due?
The annual report will include progress of the IVA, details of the Paymex and PPI issues, a receipts and payments plus and income and expenditure account. They may have just sent an email to say the review was completed with the report to follow afterwards. Make sure and get any changes done before the report goes out.
Thanks again michael. I have asked the question wether I will get the full report, and for them to show me the i&e, but no reply as yet.
I just feel like I'm pinging my emails off into an abyss, and its pot luck if you get someone who's helpful and knows what they're talking about! They don't know the details and complexities off my individual case either. I keep looking at my countdown on my profile and wishing it away!
Our review is due 27th feb, but I don't like the idea of sending it all to the company for just anybody to have hold of - the data protection act screams loudly In my head at the thought !
We're planning to send over our F&F letters and proof of funds the end of this week, and not sure if that will affect anything tbh.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
Fingers crossed for you MrsR. Maybe you won't have to do an annual review if you are offering a F&F? I wish I could do one and just put it all behind me, but with only 9 months to go, and equity release looming, Its probably not worth it, even if we could raise the funds anyway.
I got myself into such a state, thinking they would pick my i&e to pieces, but it appears it hasn't really been looked at. They didn't even ask for my p60s, so how can it be called an annual review anyway?
Has anyone else had experience of a creditfix annual review? Did you get anything different to me?
well I got exactly the same email as you
my review with pjg coinsided the the switch to cfix, so despite telling them I had a payrise and had not filled out any i&e sheets or sent any p60
they said no changes.
ive not signed their forms by the way despite them ringing me up on a sunday afternoon and trying to convince me.
I challenged them back about my payments, and they have looked at it again and agree with me that the iva payment needs to be lower, so I'm very pleased about that as it would have been a bit of a stretch otherwise. They were very quick to sort it out too I must say. The customer service rep I dealt with explained that he would be having a meeting with his manager to conduct an "in depth review" He got back to me by the end of the following day to tell me the new payment.
I challenged them back as some of our allowances (for legitimate reasons) were agreed to be higher than creditor guidelines at our original creditors meeting. It appears that at first, this may have been disregarded as he came back to me saying that he had to stick to creditor guidelines to ensure the maximum return. After I pointed this out though he agreed to amend my i&e.
I still don't have anything official in regards to a copy of the report back to creditors, and I haven't laid eyes on the new i&e. I have requested it though, and they said they will find out about it.
It is very different to how we were used to doing annual reviews with PJG, but I would say if you are persistent, they will listen and sort things out for you.
I get the impression, and I could be wrong, that they are rubber stamping reviews to hit the time scales.
All well and good now, but, especially with no report to back it up, I would have it in the back of my mind that they could come back for "arrears" down the line, when they have had a more leisurely look at the figures.
That said, at least at the moment, completions are steaming through after the last payment has been made, so maybe they are not looking too closely.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I get that impression too Foggy. At least for me personally, when I pushed, they've had a proper look and ruled in my favour. Hoping they are still so quick to complete in 8 months time!
Slightly concerning though, is that the new payment is now just a fraction under my original agreed amount. I will go back to them about this on Monday, but is this ok? I think I am right in thinking they have the discretion to reduce payments by a certain amount (15%?) without having to go to creditors, but Im just a bit worried this will come back to bite me, and I will be accruing arrears?
