www.iva.co.uk

Last year my supervisor reduced my payments under the 15% rule as we were struggling due to reduction in tax credits and child benefits.

Can they now add this on to the end of the term? I am due to finish a 7 year IVA next month and they are now telling me the end date is March 2017. At no point did they ever say that a reduction in payment would incur extra time and indeed when I was with PJG we had a reduction for a short period and they never added it back in.

Any one know.....it's creditfix...

Usually a reduction in payments due to a revised I&E is not repayable, only agreed payment breaks are, unless you have a minimum dividend agreed in your proposal to meet.

I would ask CF to explain why they think an extension is warranted. They are better to get hold of by phone and are helpful over that media -- their written communication, frankly, stinks, so emails might be problematic.

Check your terms and conditions because I agree with Foggy. Reductions under the 15% rule do not normally need to be repaid.

Thanks, I've phoned them and they will get back to me once it has been referred up the chain. I'll report back when I have an answer......fingers crossed it will all be over this time next month!!

If it were me I would ensure I have this conversation logged and if ask to speak to your IP rather than a caseworker if they come back and still insist it is paid back. Like Foggy and others my understanding is reductions under the 15% rule shouldn't be added on later

It seems tlike they told you it was a reduction but now might have changed their tune and be treating it as arrears.

Dig out their original letter confirming it was a reduction and ask them to look at this.

Make sure everything is done in writing by recorded delivery. Make a note of all conversations you have - personally I would do it by e-mail or letter and avoid phone calls.

OK, so I have spent forever on the phone to Creditfix this evening and they are still unable to tell me why my last payment will be February and not November as I thought it should be. I am assuming that the reason is due to the reduction in payments from June 2015. No, I haven't mentioned this to them as they should know already.

I have checked all my paperwork and they have never told me that this would be repayable. In fact, when they agreed to the reduction, it was all done over the phone. I did request confirmation and I got an email back saying 'XYZ was right in what she told you'.

Anyway, I have emailed my timeline and I now have to wait again for them to come back and give me good reason as to why I have to pay a further 3 months. The girl I spoke to said it what because managers and cashiers said so, great reason.....and I thought this would be the end....sigh!!!

Normally reductions in regular payments are not repayable. I would lodge a formal complaint which you can then escalate to the regulators via the Government Gateway here;

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


They cannot simply say "because we say so" !

I agree with Foggy and a complaint seems the best option. If you have not been given a proper answer after all this time then you need to take the matter further.

Well, I phoned them again today and someone from the closures team was going to call me at 2pm......guess what!

From what the person I spoke to today has said, they are looking for the reduction in contributions to be repaid and she referred to the additional 3 months as an extension that was added to the end of the IVA before the additional 12 months equity release started.

I have never been informed of any extension, which it says in the particulars that I should.

I'll wait and see if anyone ever gets back to me but it seems like they will dig their heels in without any real explanations for this extra 3 month of payments. At the end of the day, they hold the cards and after 7 years I just want the thing shut down!!

Ask them for the explanation in writing. Consider taking this forward by making a formal complaint, depending on whether the explanation is correct.

Oh Happy Day.......opened up my email this morning to the final report from Creditfix, they must have seen the error of their ways, just took a bit of time to escalate it up the food chain!

After 7 years, I am now debt free, I feel as elated as I did on the day my creditors agreed the IVA.

Thanks everyone!

Brilliant news! Really pleased for you Cath.

Congratulations and well done for not taking it lying down.

Great news