Creditfix have just transferred our case

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Post by suzanne670 » Mon Jul 20, 2020 4:39 pm
Creditfix have just transferred our case to the Insolvency Experts. Credit Fix’s fees were too high and the creditors wouldn’t accept them. Is this usual?

We have a property and at month 54 would therefore have to try to remortgage or take out a secured loan. If we had enough equity in the property, Would we be expected to pay the full balance owed + Iva companies fees + statutory interest (8%?) less what had already been paid mth 1 to 53?


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Post by Foggy » Mon Jul 20, 2020 4:48 pm
It is not unusual for creditors to disagree with fees, especially CFs (being some of the highest in the industry). However, it is NOT CF's place to hand you on to another firm. If the IVA proposal is rejected they should come back to you and it is for you to decide what to do.

Equity release: There are several ceilings n place which limit the remortgage or secured loan value --- the repayment for the lending cannot exceed 50% of the IVA payment, the term cannot extend beyond your current mortgage term or state retirement age (whichever is later) and the whole lending cannot exceed 85% of the propertys equity.
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 lifenoteasy » Tue Jul 21, 2020 8:51 am
Agree with Foggy - they cannot simply transfer you and you have the choice about who to go to next.

They can recommend - not transfer as that implies that are acting as the Insolvency Practitioner.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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