I entered into an IVA June 2018 after 6 months previously having spent 3 months in rehab due to alcohol related issues. I took early redundancy due to ill health in December 2019 and am looking to settle with Creditfix. My original debt was £21,288 and have paid circa £3k off this. The settlement figure is £26.5k which has left me speechless. I feel I have been mis sold this product with other options not explored in detail by Prometheus the company who first contacted me. My mental health also had a huge impact as I feel that if I had been of sound mind that I never would have gone down this road. Creditfix appear to be intransigent and feel that a FCA complaint may be the only course of action!?
Any thoughts would be very much appreciated. I should also add that I am actively seeking a job but difficult in the current climate. My pension is insufficient for me to live on and have a 17 and 20 year old at home and pay maintenance for a third child.
A settlement consist of paying back everything -- full original debt, plus fees and statutory interest. What you need to propose would be a full and final offer --- which is a lump sum to cover remaining agreed payments only --- and is, by far, the more usual approach.