Hi, I am 2 years into my IVA with creditfix (originally through Knightsbridge) and have had no real problems so far.
For the past 15 years, I have got a car via my aunt who works for Nissan on their staff least scheme. I get a brand new car every 12 months for a fixed fee which includes tax and insurance. It’s not finance, I simply pay my auntie the figure every month and I am a named driver on the car. It’s a brilliant, affordable scheme which is perfect for me. Knightsbridge were more than happy for me to continue with this in my Iva. However, I had word last month that the cost of my car would be riding from April this year by £80 per month. This brings the total of my car to £245 which includes tax and insurance and despite the jump, it remains the best deal I can get after shopping around.
I sent creditfix an email to let them know about the increase and to ask if there would be any chance of a reduction in my Iva payment. I did say I knew this may be a tall order, I’m a full time student and a single parent so my Iva payment is low as it is, but I said even the smallest amount would help me absorb the rise in car cost. they replied after a few days asking for proof (sent) and reasons. Obviously I don’t know why Nissan have put their prices up other than for business reasons.
A week later I have received an email from the car finance department at creditfix with a long list of things I need to do in order for my “hire purchase” agreement to be considered. These include providing my last 3 bank statements (I’ve only just completed my annual review at Christmas), giving details about my current and new car and finally they add that due to this increase, they will be putting my monthly payment up!! They seem to detail that this is due to me taking on extra credit, which I am not, do you think they maybe don’t understand this? I have emailed back to say I need further clarity.
I’m wishing now I didn’t bother to ask, as if my Iva payment now goes up as well as my car payment, I’m going to be left in a very sticky situation
Grateful for any thoughts or advice.