what do you make of this. Creditfix

[Cariadqueen]

This whole secured loan issue is extremely worrying, Me and my husband are fast approaching the half way mark so still have some time to go, however, this is extremely worrying for us.

If and this is a big if we had to take a secured loan does anyone know the terms of this i.e how long it would run for etc.

I know in my case we have a while to go but this is something that since being transferred over to creditfix has been worrying me.

[Michael Peoples]

Any secured loan should operate the same way as the proposed remortgage. The payments cannot exceed 50% of the IVA payment and the term cannot go beyond the normal retirement date or length of the existing mortgage term. Ironically it may actually work better than a remortgage [if a product was available] as the loan to value on a secured loan is less than 85%. This leaves more equity in the property than a remortgage.

[Cariadqueen]

Thanks for replying Michael, it's very much appreciated and all the advice on this forum is invaluable.

[Rock20]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Credit-King

I feel for you guys with mortgages, it must be awful to come to the end of your IVA only to be bolted up with a secured loan for X number of years. I had a courtesy call from credit fix over the red letters & they mentioned I could confirm over the phone to agree to the new Ts & Cs so be careful what you say if you talk with them.

Credit King this is incorrect. They cannot constitue a verbal conversation has acknowledgement of their T&C's.

[Rock20]

This is the one time I thank my lucky starts that we have ZERO equity in our property, meaning we will finish our IVA at 60 months given Mels T&Cs. I do however, agree that this bunch of chancers (CF) need challenging by forum members.

[doritos]

Ok, so I found out creditfix's official line on clients who are trying to stick to the original review method of Payslips / P60 / I&E.

"If you fail to account to me for the documentation when requested, this will constitute a breach of the arrangement."

they will not hesitate to breach you.. sorry to be the bearer of bad news kids.

Still, I've popped all that over to the Insolvency service, will be interesting to see what they make of it all. (Other hold outs, you will probably need to do the same thing)

[Shining]

Doritos that is not good? maybe one of our experts can comment?

[doritos]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lesley_

Doritos that is not good? maybe one of our experts can comment?

it would be appreciated.

so far on my side of the table I have my contract counsel, the Insolvency service, and national debt line (they were hugely confused as to why CF would act like that and also suggested I go to the insolvency service)

Not sure what they have on their side just yet (aside from the greatest customer service skills known to mankind)

[Michael Peoples]

There are few 'experts' on this site anymore but I have made my views known.

[thisusernameistaken]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by chocoholic2

Recovering - in the link you posted Michael Peoples comment is the one that concerns me most, his advice is usually spot on, and full of common sense, and for him to say we should not automatically expect a 12mths extension is quite worrying..

My IVA agreement has three possible outcomes should there be any equity in my property over £5,000. One is to attempt to remortgage, the second is to extend payments for 12 months and the third is for a third party to provide the money. At no point is a secured loan mentioned and there's no way I would be taking one out. I will abide 100% to the agreement I and my creditors have signed - nothing more, nothing less. My IVA shows January 2008 revision so I'm on the older one.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Credit-King

I feel for you guys with mortgages, it must be awful to come to the end of your IVA only to be bolted up with a secured loan for X number of years. I had a courtesy call from credit fix over the red letters & they mentioned I could confirm over the phone to agree to the new Ts & Cs so be careful what you say if you talk with them.

I would be gobsmacked if such a variation could be agreed verbally over the phone and without any documentation. I would agree though, be VERY careful about what is said over the phone. Assume all calls are recorded and that anything you say could be used against you.

One other thing to consider; could agreeing to the variation requested by Credit Fix also stitch us up by including the 2014 revisions to terminology and the inclusion of a secured loan as an option at the end of the term?

I am ****ing livid that I'm worrying about this near-permanently. I've gone from being happy that I'm making good inroads into my IVA to feeling like it's now trench warfare with an unscrupulous bunch of cowboys.

It felt like Mel genuinely had our interests at heart (and as she represented us, so she should) but that Credit Fix will not hesitate to hang us out to dry if it earns them a few quid more.

I don't know why Mel ditched us but I hope she can't sleep at night knowing she's cast 900 good people to the CF wolves. I've just been re-reading the original letter:

"...it became evident that the best solution was to transfer cases to an operation who were not just set up to deliver and meet your needs, but who also carried the same professional standards and high regards for its clients.

We understand that you may be initially concerned as to how this may affect you moving forward, but please be assured that Susan and her colleagues at Credit Fix share our own values and business ethics.."

Yeah, right. The most gracious I can be toward Melanie right now is that perhaps she had the wool pulled over her eyes by Credit Fix. I simply can't match up the statement about their supposedly PJG-esque conduct, ethics and treatment of clients with what we're finding now we've been sold up the river.

[mrsbee]

Couldn't have put it better myself, well said 'thisusernameistaken' we are nearing the end of our IVA too and the worry and upset the transfer has caused is making me ill. The equity/valuation especially as we are fast approaching that time. I used to occasionally pop on here for advice but am now constantly checking back to see what the cowboys over at CF are up to now. I have so many unanswered questions and the frustration at not being able to get a straight answer from anyone does not sit easily with me!

[abbiesmum2003]

Well said by 'thisusernameistaken' couldnt have put it better myself.

[doritos]

Agreed..

Now the only real way forward is to complain, not just on here, but to Susan. take your grievances to her directly.

When you get a response, if there is anything in there that causes you alarm, go straight to the insolvency service.

They will eventually get sick of seeing her name and tell Creditfix to behave themselves.

The more people that do that the better, Creditfix have already pretty much positioned themselves as above all of us, and outside of the bounds of decency, this is the only way they will see sense.

If they are making people ill now due to stress, that heading for legal territory (and I doubt they want that)

[thisusernameistaken]

I am logging EVERYTHING. Every call, every email, every lack of response, every contradictory statement.

Remember they're watching this board so keep anything that could personally identify you off here too as I have no doubt they will use comments here against us too if it suits them.

What a horrendous situation to be in; all the FUD is not a great way to start 2015.

[doritos]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by thisusernameistaken

I am logging EVERYTHING. Every call, every email, every lack of response, every contradictory statement.

Remember they're watching this board so keep anything that could personally identify you off here too as I have no doubt they will use comments here against us too if it suits them.

What a horrendous situation to be in; all the FUD is not a great way to start 2015.

Definitely log everything, and if you have any cause for complaint with the way they have responded (they are getting tetchy over there), get it over to the insolvency service.

They record every call, however you are within your EU rights to request the call recordings even though they are in another EU state. (They will most definitely use that when it suits them)