www.iva.co.uk

I am so upset. I thought we had paid our final IVA payment and were waiting for Creditfix (we've just been transferred from PJG Recovery) to contact us. We contacted them as we'd heard nothing but they've now told us we have to pay another year.
I feel that we've just been dumped by PJG Recovery and Melanie Giles. Until October, PJG had told us we would be finished in November. We'd even been considering a F&F with them earlier in the year but decided against it as we only had a months to go. What a mistake. We're reeling from an awful telephone conversation with Creditfix - another large, faceless financial institution out to break us. At least with PJG we'd built up a relationship - the reason we went with Melanie Giles in the first place.
When asked if Creditfix had a complaints procedure they said no but we eventually found the details on the website.

We had hoped to get our life back on track and actually have a 'normal' christmas with our children. The last 5 years has been a tremendous strain and we thought the end was in sight. Absolutely distraught.

Is there anything I can do now?

Why are they adding an extra year ? Is this due to equity release and what had PJG said about this, as I imagine it was done at month 54 ?

Do you have it in writing your IVA would conclude. I can imagine how disappointed you are as I know I would feel the same.

You should query why there is an extension especially if there had been a review done earlier. Check your paperwork from month 54.

Oh my goodness. Why are they saying this?

I am in the same boat as you. We were told Oct was our last payment with Pjg yet I can get no information from Creditfix despite chasing and chasing them.

I feel sick. I hope they have made a mistake. It's just horrible the whole thing.

I would like to hope that Mel and anyone associated with PJG are pretty disgusted with the way things are turning out for clients who trusted their futures to a company they thought they could rely on.

Paul

What is their reasoning for extending the iva?

Hope it's just yet another Creditfix mistake

We need to understand the situation fully before making comments or giving further advice ... your proposal document will say if any equity release is due in month 54 etc ... if you can provide clarity we maybe able to help further.
Creditfix need to explain fully the reasoning for the extension. Hopefully this can be provided quickly to help you understand further.

Hi
Luluj is correct, we need to know why there is an extension and did you have anything in writing/email from PJG stating that your IVA would not extend

It must be a complete nightmare for you though, having the goal posts moved at the last minute

Regards

Hello

thanks for the responses.

We have had some limited (creditfix are so hard to get hold of) conversations since i posted this.

To put some context in this and hopefully to gain some salient advice, the situation is :

1) We had an IVA with PJG and was transferred to Creditfix

2) our last payment after 5 years was due in November 2014, but we owe one additional payment that we know of for being in arrears (Mel Giles team had been responsive and supportive in the years with them)

3) we had assurance from PJG during the years that a year 6 was unlikely due to negative equity on our house and our chance of getting a remortgage was non-existent

4) we have the normal equity release clause in our IVA and in May this year (Month 54) PJG arranged a valuation of our house as i could not get an estate agent to give an evaluation.

5) we heard nothing nothing from PJG and received no copy of the valuation. Assuming that all was in order we carried on

6) in October i chased PJG and asked for a copy of the valuation. I heard nothing, but then received the letter transferring to creditfix.

7) contacted creditfix to ask what the procedure was for final yearly review - no answer.

made what we believed was the last payment in November, knowing that we owe "some" money but not sure how much. Asked creditfix what this was - no reply

9) contacted Creditfix again last week. they replied and said we now have the 6th year clause kicked in. Terrible argument with them and lots of tears.

10) creditfix say that the "drive by valuation" of our house gave a valuation of £117k. Mortgage redemption is £98k. We have 5k equity clause in the IVA that if there is more than 5k equity we remortgage or go into 6th year. No chance of remortgage so 6th year kicked in. We asked for a copy of the valuation and they refused (can they do this ?) and asked why we didn't get a copy - like many other things they blamed PJG on this.

11) however the valuation is rubbish. Houses are selling in same street for £105-£110k (recently as Sept) and we need new roof and double glazing in our house to even consider selling.

12) made a call to an estate agent who confirmed that current valuation with the work that needs doing would be between £100k-£103k

13) phoned creditfix (and emailed) with this information and they responded that the valuation stands and we go into the 6th year

Surely this cant be right ? If PJG had sent me a copy of the Valuation i would have appealed straight away as the valuation is incredulous. It's a drive by valuation and if you look at the land registry is shows that the last 6 houses sold over the last two years have not achieved more than £110k.

Also, how can creditfix insist on a 6th year without any communication to us and as far as we know the last payment was made and we have ended this IVA in good faith.

can anyone offer any sage advice on what i can do ? Any IVA professionals willing to put their neck on the line and give some advice against fellow IP Company ?

PJG have obviously gone, but still feel so let down that with such a short time left in our IVA we have ended up in such a position. And it's Christmas .... but not in this house ......

Sorry for long post

You are free to challenge this valuation. I would pay an independant surveyor to get an accurate valuation and present this to creditfix. If they do not accept your expert valuation against their drive by then complain directly to their regulators via the Government Gateway at:

https://www.gov.uk/complain-about-insol ... actitioner

Drive bys are notoriously inaccurate and take no account of the general delapidations that occur during the 5 years of minimal maintenance.

What an irresponsible attitude shown by creditfix.

Contest the valuation but as mentioned you may have to fork out a fee but it should be worth it. Dont be afraid to stand your ground.

Paul

The Leopard has shown its spots! I feel this is just another way of squeezing money from you for their interests only.

I certainly would challenge this even if it does make you a little out of pocket as why should you pay an extra 12 months payments when in fact your IVA should conclude!

The £5k equity clause relates to a release of that amount at 85% loan to value so regardless of what valuation is used I fail to see how the IVA can be extended.

Demand to speak with the IP as there seems to be a misunderstanding. I am sure Melanie's proposals incorporated the 'de minimis' so you should not have to extend.