How can my IVA settlement figure be more than my original debt?

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Post by martin400 » Fri Apr 17, 2020 11:57 am
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.


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Post by Foggy » Fri Apr 17, 2020 12:26 pm
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.

Regarding a complaint, have a read here: creditfix-judgement-t89131

FCA has no jurisdiction over IVAs and you will need to complain to the regulators 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

Lisa Thomas

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Post by Lisa Thomas » Tue Apr 21, 2020 10:07 am
Have a look at these short videos which might help explain things:
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: ... Z5k9ZcC2MA 01752 786800
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