Hi hope someone can help as I'm at my wits end. I've been with creditfix for 3 years, 3 years to go on the iva. financial situation has vastly improved since beginning however im in an impossible position atm. both mine and my wifes cars have decided to give up the ghost at the same time. I cant fix both cars so have contacted creditfix to get permission to finance a new vehicle. this would allow me to at least sell one car for scrap and get the money together to repair the second. both are essential cars and due to being in an iva the criteria on a car lend are quite strict and very limiting. have managed to find the right car for the right money and got pre approved on the lend. have been on the phone 4 times a day for the last 2 days trying to get creditfix into action, being given the run around each time saying they are rushing the process through, only to be told this afternoon that the approval usually takes 2-4 weeks to come back from IP, but they will try and rush it through. I cracked and got angry on the phone and said I would let the iva fail as they are not helping me at all and will result in me losing my job as can't get to work. was threatened with the fact that if I cancel the iva all my debt reverts to level it was at beginning of iva and they will keep everything I have paid for the last 3 years
at no point on any call has anyone made me aware of this they've all stated they'll rush it and get back to me today or tomorrow only to not bother and then to find this out, there's no way the car will still be available by the time they have approved it. so i'm impossibly stuck driving a dangerous car to work and can imagine will be going round in circles chasing approval and not getting it in time to buy the new car, which will result in me losing my job if I have no transport. how can this be right
CF are notorious for bad communication, as well as telling debtors several versions of the truth as it suits them !
They are, however, sort of correct in their response to you failing the IVA. In all IVAs it is generally agreed that fees come out first and it is usually a couple of years before creditors actually get anything back. This is compounded by CF charging higher fees than most.
In any IVA, with any company, though, if the arrangement fails, the creditors will add back lost contractual interest, which, in most cases, will more than swallow any payments the debtor has made in the meantime, so most of us would find ourselves back at square one, owing a little more than we started with, as well as having less than happy creditors to now deal with. To say nothing of having flushed away the last few years.
I am afraid that the best you can do is wait it out, if at all possible. If you still feel the (understandable) need to 'get heavy' threaten to complain to their regulatory body, which, if found against them, could result in a hefty fine --- better to hit their pockets than yours. However, CF strike me as the type to use punitive measures !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk