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Foggy
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by Foggy » Mon Nov 27, 2017 9:22 am
From their website:

"Important Client Update

Creditfix have recently acquired the majority of individual voluntary arrangements (IVAs) managed by Knightsbridge Insolvency Services Ltd.

All clients affected by the transfer will be informed in writing over the next few days and should continue to make their monthly contributions as normal.

If you have any questions please contact the Creditfix Customer Service Team on 0141 565 1306.

Knightsbridge will keep some of the IVA customers and all of their DAS and Trust Deed customers, who should continue to contact us as normal.

New customers of Knightsbridge should contact us directly on 0800 046 5866"
Jeffbubs
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by Jeffbubs » Mon Nov 27, 2017 7:20 pm
There seems a lot of this happening ... It happened to me twice in my 7 IVA term
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Foggy
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by Foggy » Mon Nov 27, 2017 7:23 pm
There appear to be a couple of large firms competing for smaller firms caseloads in a move to corner the market. Not good for smaller firms and definitely not good for the consumer.
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jonathah
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by jonathah » Mon Nov 27, 2017 7:31 pm
IMHO the increasing numbers of IVAs means that they are being regarded by the industry as just another form of delinquent debt processing like debt purchase and will "enjoy" a similar large-scale, impersonal process-led model of "customer service". Again IMHO This makes sense because only scale can really make smaller IVAs profitable. Where this will leave ordinary indebted mortals and what impact it will have on failure rates only time and overworked contact centres will tell.
Worth noting that Knightsbridge is the 3rd largest in terms of numbers of cases and will be keeping some cases. My guess is they are offloading the bulk of smaller IVAs
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luluj
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by luluj » Thu Nov 30, 2017 6:43 pm
As foggy says not good for customer service ! Let's hope those impacted by this do in fact get notified and completion certificates issued to those waiting
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Zippy6971
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by Zippy6971 » Wed Dec 06, 2017 6:46 pm
Yes just noticed dd gone to creditfix instead of Knightsbridge has anyone dealt with them before and what are they like to work with thanks
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Foggy
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by Foggy » Wed Dec 06, 2017 6:52 pm
Zippy6971 wrote:
Yes just noticed dd gone to creditfix instead of Knightsbridge has anyone dealt with them before and what are they like to work with thanks


If the IVA potters along nicely they seem to handle it OK . If there is a problem, unless you get one of the rare diamonds on staff, they are a nightmare, according to reports. You will not be allowed access to the IP and they absolutely stink at communication!

On the other side they seem to be one of the few who deals with equity and closures pretty easily and swiftly.

But you have to bear in mind that we on the forum generally only get told about the bad things and not so much about the good.
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jonathah
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by jonathah » Wed Dec 06, 2017 9:16 pm
Just found out that CF are overcoming the issue of taking over payments from KB by using the same sort code and a/c no. Good job otherwise they would have been several degrees west of data protection and FCA regulation. Whether the beggars take the correct amount on time remains to be seen. I am leaving enough and enough only in my relevant a/c.
Still no comms from CF. Easy enough to send out mass emails to customers which would be the polite and professional thing to do. Unless of course you've acquired 1000s of new cxs and have the same staff levels and infrastructure......
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Zippy6971
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by Zippy6971 » Thu Dec 07, 2017 3:23 am
The 1st I knew they'd taken over was an email saying thank you for your payment with a new ref no it would of been more curtious for them to contact me to let me know they had taken my ova over from Knightsbridge just hope they're as good as Knightsbridge have been as I'm just nearing the end of my 2nd year
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jonathah
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by jonathah » Thu Dec 07, 2017 8:41 pm
Also Knightsbridge Insovency has a nicely upmarket ring to it which Creditfix absolutely doesn't. Imagine being a Harrods customer and being told your account is now with Primark.
Oh well the insolvent can't afford to be snobs I suppose.
Coomby
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by Coomby » Wed Dec 13, 2017 8:40 pm
I too have been transferred to Creditfix without being notified prior. The annual review online seems ok but normally only have to give 3 bank statements where this will show them the whole 12 month period and I'm really worried about online gambling being on my statements
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Foggy
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by Foggy » Wed Dec 13, 2017 9:05 pm
Coomby wrote:
I too have been transferred to Creditfix without being notified prior. The annual review online seems ok but normally only have to give 3 bank statements where this will show them the whole 12 month period and I'm really worried about online gambling being on my statements


As long as the gambling is in the occasional flutter league there should be no problem -- if it is more than this it could signal that your allowances are too high and they might be adjusted. On the other hand, it might go unnoticed.
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jonathah
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by jonathah » Thu Dec 14, 2017 9:20 pm
Just a few updates general and personal

General

- CF have taken on a whopping 15,000 clients off KB. That's one serious increase in workload.

- There have been issues with duplicate payments from ex KB clients so CF have (according to a chap on the phone) cancelled all payments. Which would explain why....

Personal

- The monthly payment didn't go through. I had to phone up, make one and set up a new CPA.

- They still haven't answered my email and I have received no notification that my a/c has been transferred.

ON THE BRIGHT SIDE..... they answered the phone very quickly and the chap on the other end was excellent.

I suspect that they will turn out to be one of these operations where everything is fine unless there are complex customer queries in which case it takes ages/ gets foxed up.

Me, I'll keep paying.
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jonathah
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by jonathah » Fri Dec 15, 2017 6:40 pm
Today I received both a letter and an email inviting me to sign the new agreement.

What was interesting was the assertion in bold:

The adjustment does not affect your monthly contribution. The cost is borne by your Creditors and reflects increasing costs of administration.

Can anyone tell me how that can be true? The Creditors (their capital letter not mine) don't pay for anytihing, everything ultimately comes from me, the debtor, surely, or have I missed something. I suppose this could technically/semantically be right if the total amount remains the same but why would any creditor agree to that? As sure as pigs make bacon I wouldn't/won't.

Furthermore how can they possibly fix the necessary variation meeting, even it is virtual, for 15,000 new clients? My guess is that they have arranged some kind of electonic bulk processing fudge with TIX that ticks (no pun) all the boxes.

Anyway I emailed back seeking an explanation. Hope of a reply fairly low.

All a bit unsatisfactory IMHO

They do however "thank you for your support during this transition period". Well, anything I can do to help...
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Foggy
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by Foggy » Fri Dec 15, 2017 7:11 pm
jonathah wrote:
Today I received both a letter and an email inviting me to sign the new agreement.

What was interesting was the assertion in bold:

The adjustment does not affect your monthly contribution. The cost is borne by your Creditors and reflects increasing costs of administration.

Can anyone tell me how that can be true? The Creditors (their capital letter not mine) don't pay for anytihing, everything ultimately comes from me, the debtor, surely, or have I missed something. I suppose this could technically/semantically be right if the total amount remains the same but why would any creditor agree to that? As sure as pigs make bacon I wouldn't/won't.

Furthermore how can they possibly fix the necessary variation meeting, even it is virtual, for 15,000 new clients? My guess is that they have arranged some kind of electonic bulk processing fudge with TIX that ticks (no pun) all the boxes.

Anyway I emailed back seeking an explanation. Hope of a reply fairly low.

All a bit unsatisfactory IMHO

They do however "thank you for your support during this transition period". Well, anything I can do to help...


All word play -- but yes, the cost is borne by the creditors because their "share " of your monthly payments is reduced. Of course, if anyone finds themselves in the position of hitting 100% of the original debt, then they and not the creditors will start paying the fees !

They will probably hold a "Mass Variation Meeting" and canvass all creditors en masse. Apparently the last time they did this a number did refuse ( but obviously enough accepted to make it worth trying again).

Now --- as to why should they accept ..... this is where my favourite conspiracy theory comes into play .... eventually a few very large firms will have control of the IVA market and "you scratch my back, I will scratch yours" comes into play. Already the big players are showing signs of becoming far more "creditor centric" than they used to be .. re-interpreting clauses in their favour (and not how they used to).

Watch this space.
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