www.iva.co.uk

Hi all.
I've just had my first (and final) annual report from Creditfix. As you can expect I checked this very closely and surprise surprise they are banging on the charges!
For the last 12 months I have paid the following;
Postage & stationary £106.13 - what!!!!
PPI consultancy fee - £240 - not agreed to this one and I was the one that got £4599 of PPI paid into the pot before the transfer took place.
File management £30
Vision Blue management fee £150
Vision Blue Migration fee £75
All they can say is that these are all charges that are part of the terms and conditions - of which I didn't sign by the way. They say they want as much money as they can for the creditors by chasing any outstanding PPI claims without asking me if I have ever taken any out and then charge ridiculous charges for managing the file - is this not part of the supervisor fee????

Can they do this? This is over £500 of charges to come out of the pot to my creditors without my acceptance. 6 months they have had my file and these are the charges - scandalous!

I've no idea on this one but will bump it up for others to comment.

Seems ridiculous! I assume you've had weekly updates via mail for that postage! Harsh thing is, if creditors agree, it's their business. I think it's better to think of it as paying creditors who then take the decision on what to pay the IP. Hopefully save you going mad over the fees.

I know I shouldn't be concerned about this given that I am now done but feel that for the very short period of time and effort they have put into my case this shouldn't be allowed.
I've had my rant (poor man on the other end of the phone) and made others aware, not that they can do anything about it, so I just hope by closing my account quickly (doubtful) that they will in fact have earned this fee!

Here's hoping -- they do have a record for fast closures .

They have sent a protocol compliant annual report to us without having done an actual I&E review.

Similar expenditure and charges identified on ours.

I got the report with no review
STILL
now review is 2 months overdue and still no contact despite repated pleas from me

Hi Sam - the creditors approve the terms of the IP's fees. You could query them yourself but its probably not worth the added agro. I agree with Relieved - you pay your money in, its up to creditors to challenge if they don't like the fees so try not to think of it as your problem. To be fair, c£500 of costs for a years worth of administering an IVA, including a PPI refund, is not a ridiculous amount (although some of the itemised items may be on their own).

That wasn't all the fees, they were the ones above the supervisor fee. They didn't do anything with the ppi, I got the money and it was paid before the transfer from pjg. They have done nothing to earn that money yet and as the fees have been forced on them since the transfer I don't think the creditors have a choice. It just feels like they are trying to rip off the creditors and it doesn't seem right.

The creditors are bigger than the IPs so they have a choice! There are a few groups that vote I believe. If they didn't accept the fees, the IPwould not have a business. To me it's the creditors who are causing the situation accepting the fees. As I have previously stated, I think of it as their money and what they choose to spend the money on is up to them. They wrote off literally tens of thousands for us so if they want to pay silly amounts for postage and work not done, it's up to them.

As it come out of what you have to pay in monthly. its the creditors that are paying the above cost. you dont have to pay more . so I would not worry about the admin costs.

Not defending it at all as the fees are all too often horrendously high,but the ppi one may be them simply comfirming that no more is due.

I know what people are saying about if creditors agree to them not to worry but we often see IVA firms receive more than creditors do for very little work once cases are off the ground.

Paul