Credit details wrong?

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Post by lyndsey248 » Thu Feb 18, 2021 4:12 pm
I’ve been with credit fix for over a year now, a few weeks ago I received an email stating that my credit amount was wrong and that it has to go back to the creditors for another meeting. I’ve been given a date in March. They’ve also said that I will still have the IVA in place for an extra 2 years totalling that to 8 years.
They’ve said that I have the wrong information or amount and that I actually owe more , when in fact after looking at my credit report it’s a lot less. I’ve had quite a lot fall of my credit file these last few months . I find it strange how they were the ones that told me the amount and all this debt I didn’t know I had , and now twelve months later it’s wrong . I feel something somewhere doesn’t add up . Can you advise me what the best action going forward would be .


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Post by Foggy » Thu Feb 18, 2021 4:21 pm
This seems to be one of CreditFix's latest scenarios and doesn't appear to happen this often to other firms. I would first of all write direct you your IP demanding a detailed explanation, in writing. If this is unsatisfactory, refer the matter to their regulatory body via the Government Gateway here: ... actitioner
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by lyndsey248 » Thu Feb 18, 2021 4:38 pm
Thank you for your reply .
I’ve emailed them asking for the information, who I complain to etc . So I will see where I go from here .


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Post by WallE » Thu Feb 18, 2021 10:50 pm
Creditfix's complaints procedure is outlined here -

What seems to have happened here is as follows. At the time your IVA was proposed, your debt was thought to be a certain amount. This is called the Statement of Affairs amount, or SOA.

However, the amount of claims that have come in from creditors have been in excess of this to a level that is beyond the supervisors discretion to admit them. The claims can usually come in below 115% of the SOA amount and be admitted without seeking creditor approval.

Your claims will have exceeded this amount, which technically amounts to a breach because the claims are above what the supervisor has the discretion to admit. Your IP now had to call a meeting of creditors to ask your creditors for 'permission' to include the new claims, or the increased total amount.

To make this more attractive to the creditors, your IP sounds like they're proposing an extension so the dividend rate doesn't drop too much.

I would contact CF for a detailed explanation of exactly what has changed and what evidence the creditors have provided etc. It's your right to know.

And Foggy, I agree - it's suspicious that CF have a higher than average number of these. It's almost like they're intentionally leaving debts off to make approval more likely, safe in the knowledge that there'll be a variation further down the line that they can more fees from as a bonus, and of course more supervisor fees if they extend the arrangement. Highly suspect!
Hi! I used to work for one of the UK's biggest Insolvency Practitioners - I don't work for an IP anymore but still have an extensive knowledge of the IVA industry. How can I help?
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