I'm looking for an IVA and after going on to the National Debt Advice site I am eligible to go ahead with a firm called Creditfix. I have looked for reviews online and there seem to be very conflicting opinions - its either "I wish I could give it no stars" or "best thing since sliced bread - five stars". No middle ground whatsoever. I do need some help, so I'm wondering if you could advise me on whether or not this is a reputable firm, or steer me in the direction of one who is. Thanks. Simon
I would look at different companies before making a final decision - some of the smaller firms have a more personal approach. If you look around on the forum you can see which companies have been recommended by other users.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
CF is a reputable firm, but has a mixed reputation. Overall they handle an IVA well -- as long as there are no problems. When there is a problem they will not allow direct access to the Supervisor (IP) and their communication leaves much to be desired. On the other hand they are fair on equity and appear to close quickly come the end.
Personally they are too big and impersonal to be one of my choices and, in any event, I would always advise chatting to several firms to get a feel for the one that suits you. Can you access the IP ? How do they deal with equity ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Despite the stress I was under at the time I still did a fair bit of research before diving into an IVA. I, like Foggy figured it would be better to go with a smaller company, rather than a corporate giant. So I started my IVA with SDS (Simple Debt Solutions). This was back in Nov 2011. It was going fine. Then about one year or so in, I received a letter from SDS stating my IVA was now being taken over by CREDITFIX. I was gutted. I’d heard some not so good things about them and was concerned, not least because I didn’t know they were allowed to sell and swap debtors/debts/IPs etc like this. Anyway on the whole CF have been ok with me. I have 11 payments to go. They never even approached me around releasing equity (which wouldn’t have been possible anyway). Instead I found out from Perinta, a company I tried to get an early exit loan through (that’s another story) that my IVA been extended by 12 months in lieu of equity. This was fine by me. I was somewhat worried too when CF introduced a scheme whereby they would potentially log into my bank online via a third party software solution, that I had to grant permission for. I refused and they were happy for me to post or upload my details as usual. They seem not to take a great deal of interest in the i&e I put forward each year, however this means they haven’t put my amounts up or down with the yearly changes, which again on the whole has suited me. Communication is not quick but nor is it non-existent. I’m heartened to hear that come the end of the IVA they appear to be quicker at releasing a completion certificate than many other firms.
You could agonise for ages about whether to jump in with CF or to try and find a more personal smaller firm as an alternative but sadly you will have no control over whether that firm goes into liquidation or sells your IVA on to another firm anyway. But the sooner (once you are sure an IVA is for you) you are in the sooner you are out. Regardless of which way you jump I wish you well and good luck with it. My first Christmas in the IVA was the best nights sleep I’d had in years knowing that there was light at the end of th tunnel.
National Debt Advice is a company that effectively gets paid for finding new customers - do not assume that their advice is impartial.
We were with Creditfix after being transferred to them from another company - not our choice and it worked out BUT would not be our choice is we were starting out with a new IVA.
Thank you all so much for your replies - that has really helped clarify things. Sounds like CF are as good a choice as any - I have contacted a number of different companies (big and small) and done a lot of checking online and the general sense I am getting is that the smaller companies are more likely to get swallowed up, and CF are good at sorting things out initially but if there are asny arguments regarding equity in property etc. then it gets problematic.
I have contacted the FCA who put me in touch with various government bodies, charities etc, but each one could not give me any direct info due to impartiality. Fair enough. What I did find out is that CF is owned by Argyle (who are authorised by the FCA), and I tried to contact them to find out what permissions CF had regarding IVA etc, but to no avail.
I will have a shop around, as it would be daft not too, and I will keep you posted on what the outcome is. Thanks again for your replies.
Simon
I’m with CreditFix!
They have been really helpful so far. They don’t tend to answer emails but they are super helpful on the phone and online chat. Haven’t had any issues so far..
Chloexx123 wrote:I’m with CreditFix!
They have been really helpful so far. They don’t tend to answer emails but they are super helpful on the phone and online chat. Haven’t had any issues so far..
Thanks Chloe - I'm thinking (after much digging) tat they seem to be ok so will go with them. Looking forward to sorting things out!!
Chloexx123 wrote:I’m with CreditFix!
They have been really helpful so far. They don’t tend to answer emails but they are super helpful on the phone and online chat. Haven’t had any issues so far..
Thanks Chloe - I'm thinking (after much digging) tat they seem to be ok so will go with them. Looking forward to sorting things out!!
Hi, we went with McCambridge Duffy ,have a word with them, they were fantastic and always very helpful, always contactable, have a read on the forum I don't think I have ever seen anything bad about them, only good reviews.
Chloexx123 wrote:I’m with CreditFix!
They have been really helpful so far. They don’t tend to answer emails but they are super helpful on the phone and online chat. Haven’t had any issues so far..
Thanks Chloe - I'm thinking (after much digging) tat they seem to be ok so will go with them. Looking forward to sorting things out!!
Hi, we went with McCambridge Duffy ,have a word with them, they were fantastic and always very helpful, always contactable, have a read on the forum I don't think I have ever seen anything bad about them, only good reviews.
Will do. Thanks for this - I genuinely appreciate it
Waitingforship wrote:Despite the stress I was under at the time I still did a fair bit of research before diving into an IVA. I, like Foggy figured it would be better to go with a smaller company, rather than a corporate giant. So I started my IVA with SDS (Simple Debt Solutions). This was back in Nov 2011. It was going fine. Then about one year or so in, I received a letter from SDS stating my IVA was now being taken over by CREDITFIX. I was gutted. I’d heard some not so good things about them and was concerned, not least because I didn’t know they were allowed to sell and swap debtors/debts/IPs etc like this. Anyway on the whole CF have been ok with me. I have 11 payments to go. They never even approached me around releasing equity (which wouldn’t have been possible anyway). Instead I found out from Perinta, a company I tried to get an early exit loan through (that’s another story) that my IVA been extended by 12 months in lieu of equity. This was fine by me. I was somewhat worried too when CF introduced a scheme whereby they would potentially log into my bank online via a third party software solution, that I had to grant permission for. I refused and they were happy for me to post or upload my details as usual. They seem not to take a great deal of interest in the i&e I put forward each year, however this means they haven’t put my amounts up or down with the yearly changes, which again on the whole has suited me. Communication is not quick but nor is it non-existent. I’m heartened to hear that come the end of the IVA they appear to be quicker at releasing a completion certificate than many other firms.
You could agonise for ages about whether to jump in with CF or to try and find a more personal smaller firm as an alternative but sadly you will have no control over whether that firm goes into liquidation or sells your IVA on to another firm anyway. But the sooner (once you are sure an IVA is for you) you are in the sooner you are out. Regardless of which way you jump I wish you well and good luck with it. My first Christmas in the IVA was the best nights sleep I’d had in years knowing that there was light at the end of th tunnel.
Sound advice - it does seem that the smaller companies get swallowed up all the time! I'm not going to hang around - I want to get this sorted and not have to juggle everything and run to stand still! Cheers
