www.iva.co.uk

Hi folks
Firstly any news in the cf clients communicating with each other away from the open forum ??

And 2nd problem after problem , cf
claim I am in arrears which I know I am not ,and I have my banks statements as evidence now they claim my Iva is 3 months longer than it is .. I check the insolvency register which confirms date of start of Iva and now they reduced my monthly payments stating its more affordable ??? But my I / e has not altered at all !!! Do I have to agree to the lower payments ??

If you have transferred from another company to them it for them to prove that you are in arrears - that includes reconciling payments that the other company has collected and they have collected.

If they are reducing your payments and not extending the IVA as a basis of that (which I dont think that they can unless there is an agreed return) then point out you disagree, hold back and save the difference and then see if they come back to you.

When Creditfix claimed you were in arrears, did you present your bank statements as evidence?

If so, what did they say?

Have you signed the new T&Cs? Because if you have, the 23% can be backdated and cause arrears.

How can they be backdated as no date was given for them to start from?

It can only be from the date of the mvm.

I was told by a reputable person.

I was tolid I was in arrears as PJG didn't make a note of a problem they caused on my previous review, however the maths that CF presented to put it right didn't make sense, but I've got it on email so we'll see what comes of that.

I've also got the results of my SAR coming on Monday so it'll be interesting to see just what info they have on me.

If need be you can make the same SAR against PJG - it's unlikely that they transferred all their records because of legal liability issues.

They probably (should) have only transferred a copy as they are still trading and legally remain the data controller pre transfer.

This needs clarifying!

Is the application of the 23% fees taken from the moment you sign or applied retrospectively?

If it's retrospective it certainly explains why Creditfix want everyone to sign, even those right at the end.

Michael, would you care to offer an opinion on this?

The other half believes they are trying to do everything they can to make up for the fact that PJG were able to capitalise on someone having been with them in the first year.

I don't quite follow - can you explain a little more?

As you go into an IVA the first few payments are held back to offset the IP fees for having done the work.

CF haven't benefitted from that - they have inherited us based on what they are able to charge now.

I see.

Creditfix have indeed not benefited.

But they didn't do the work of setting up the IVA either...

But I guess if they bought an IVA that was very new they'd see big returns.

PJG as far as I remember take the payments as part of the monthly payment and not up front. Therefore, you will have paid more than they say you have because they like to charge up front and are paying over the odds as they are trying to claw money back.

As Lifenoteasy explains, the first few payments into an IVA ( which should be detailed in the Chairmans Report) go to settling the agreed Nominees fees (setting up the IVA) and is a fixed sum.

Thereafter the fee is usually, these days, a percentage (typically 15) of the monies then paid in. If the new Ts&Cs say "23% of receipts" they can and might well backdate.