what do you make of this. Creditfix

[doritos]

Creditfix are desperate, I can't fully figure them out, their behaviour is so odd.

My personal theory is that they just offered Mel a silly amount of cash for the orderbook, and any normal person will go "alright, thanks for that, I'll catch you guys later" and pocket teh cash if its over the odds (I'm in no way holding Mel responsible, I'm just laying out how I think it went down)

Creditfix now have an order book that they realised they aren't making enough margin on and are trying everything to push the margin up, what they haven't counted on is how upset people get if they think the wool has been pulled over their eyes, which is evident in the sheer amount of forum activity where if you had to file it as good for CF or bad for CF, it'd be 90/10 towards bad.

Now the fact that they use drive-by valuations, does the company that does the valuation also offer that "we'll buy your house for cash and you rent it from us" service.

Google the name, or well, post it here and we can all take a look.

[doritos]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>They can't! they have already admitted we do not have to sign their interpretation does not mean it is legal as Mel said she had Counsels view on it

The T&C's are NOT legal, they are contractual, hence a breach can be issued, but you won't got to jail for it, the IVA switches from Legal to contractual the second the very first creditors meeting is all done and you get the phone call to say the IVA was setup successfully.

They can't force them on you and there is no comeback from not signing it, any threatened comeback (ie, you'll not get your CC as fast is not cricket and the insolvency service would take a dim view of it.

Note: I've had my contract reviewed by my own counsel as well, mels contracts are good and fair

[recovering]

Surely between us all we can seek legal advice? If we club together? anyone want to fight???????

[doritos]

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

Surely between us all we can seek legal advice? If we club together? anyone want to fight???????

I have unlimited legal access (to a wide selection of top 500 london law firms), and yes I'm fighting..

best bit, it doesn't cost me a penny.

[recovering]

Doritos what did your counsel say about the re-mortgage part? it would be great for all of us to have something official to fight with

[doritos]

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

Doritos what did your counsel say about the re-mortgage part? it would be great for all of us to have something official to fight with

I don't have that issue (renting), which section it is in and I'll have it reviewed (Just need the section number)

[recovering]

Are you willing to set something up doritos? I mean I will do whatever it takes time wise I am just a bit lacking in legal knowhow

[doritos]

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

Are you willing to set something up doritos? I mean I will do whatever it takes time wise I am just a bit lacking in legal knowhow

when was your IVA setup?

based on a post count of 705 I'd say your in the final year? (so 2008 protocol applies)

[recovering]

2012 I still have 2/3 years to go I am just looking at the proposal now

[chocoholic2]

I reach month 60 in June 16, and was fully expecting to pay an extra 12 mths

[doritos]

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

2012 I still have 2/3 years to go I am just looking at the proposal now

Section 9.2 is the bit to look at on that

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>The change in the 2014 Protocol was that the phrase “Remortgage includes other secured lending such as a secured loan.” has been included in 9.2.

[harrysmummy78]

looks like it is time to get some legal advice we would have chosen Bankruptcy over this.. surely all parties are bound by the contract?

[doritos]

they are bound by the contract, however CF are trying to bend elements of it.

Recovering: there is no section 9.2, and no mention of loans or anything like that

[chocoholic2]

Mine doesn't have numbers..but says: if you are unable to obtain a re-mortgage your supervisor will have discretion to accept one of the following.
A third party sum equivalent to 85% of your interest in the property or
12 additional contributions with the aggregate sum laid being limited to 85% of your interest in the property

[recovering]

if that valuation shows that 85% of my interest in the property ( after deducting my share of the mortgage and or secured loans refered to above )is £5000 or more ( net of all costs to take out a new mortgage loan) then I will seek to remortgage my interest in the property and introduce this money into the arrangement . my nominee has provided me with an illustration detaling the method and calculation of such sums which I have understood release of equity I am required to introduce any equity into the arrangement. it then goes on to cover the 85% ltv.... as you can see it says REMORTGAGE not secured loan..... I can scan it over to you if admin agre