Variation & Creditfix

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Seventh

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Post by Seventh » Sat Aug 08, 2020 11:12 am
Good afternoon all

I'm hoping someone on here can help and advise me on whether I need to do anything further at this point.

My issue is as follows:

I would like to offer a full and final to close down my IVA. My main reason for doing this is I was moved over to CF from another provider and I am not happy being with them - I didn't choose this company and had no choice in now being under them. This happened a few years ago but I was better off in the IVA at that point than out.

I have spoken with Sprout Loans who offered an amount to cover 80% of my remaining contributions. We did all the work with CF and the variation was called for the 31st July at 10am. I heard nothing from them so I got in touch with them later that day and was told that it had been adjourned as one of my creditors had rejected the offer.

Having spoken with the variation team, I was given an amount that the creditors would accept, (I was actually given 4 different amounts every time I spoke to someone else) and so I worked with Sprout Loans and family to get the amount that they would accept. CF were notified of this on Thursday as the meeting was due to be held again on Friday.

I have now received an email from CF to tell me that it was rejected again! I have seen a copy of the chairman's report and they haven't included the increased offer, instead, they have used the old figure that was initially rejected. I am really annoyed with CF right now but does anyone know what I can do about it?

I have asked for a call back from the variation team on Monday morning to discuss this and also voiced(typed) my concerns about their incompetence.

Does anyone know if they have to rectify this within a set time frame?

Thank you in advance from a very stressed and anxious IVA member!

Foggy

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Post by Foggy » Sat Aug 08, 2020 11:28 am
You need to formally complain to CF, direct to your IP, by recorded delivery ( keeping copies ). Give them a time within which to respond, say 14 days. If they do not respond or you are unhappy with the response, you can then escalate the complaint to their regulatory body via the overnment Gateway here: https://www.gov.uk/complain-about-insol ... actitioner .

CF do, I am afraid, have a 'history' of adjourned meetings and varying explanations for such.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Seventh

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Post by Seventh » Sat Aug 08, 2020 8:27 pm
Thank you Foggy - I will make the complaint on Monday morning.

Seventh

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Post by Seventh » Mon Aug 10, 2020 11:50 am
I have spoken with CF this morning and to say I am annoyed is an understatement.

They have now said that the variation was declined as part of the offer was a loan from Sprout Loans.

This wasn't mentioned to me at all throughout the process and CF even spoke to SL to confirm the amount needed to be raised for the creditors to accept the offer!

I will be making the formal complaint to the IP as well as using their complaint email address. I understand that this won't effect the outcome as it is the creditors that has said no but hopefully it will put a procedure in place so no-one else has to go through all this hassle to get the same result.

7th

kallis3

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Post by kallis3 » Mon Aug 10, 2020 12:05 pm
I am sure Sprout have been accepted before - it won't affect CF at all.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Seventh

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Post by Seventh » Mon Aug 10, 2020 12:13 pm
Hi Kallis

It’s one of my creditors that is refusing to accept the offer from Sprout Loans. Seems a bit daft to me as they would have their money, why do they care where it comes from? Also, it’s a debt collection agency that have refused, everyone else said yes. Unfortunately, they have the largest debt. I will just keep plodding on, last payment is due Oct 21.

Foggy

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Post by Foggy » Mon Aug 10, 2020 12:22 pm
Much as CF share some fault for not being straight and up front about the variation outcome, they cannot be held responsible for the ways creditors vote, nor can they pre-determine the result.

There are some creditors who will refuse early exit loans as a matter of principle and, even if you, as the IP, know there is one of those in the mix, you still press ahead and try --- there is a chance they might change or might not even vote and the percentages might swing your way !

As for acceptable amounts, no-one can guess what will or will not be acceptable -- I have seen offers in excess of the outstanding amounts refused (Lord knows why!) as well as very low amounts accepted.

It would have been easier if it was just CF with their usual messing around --- but the creditors (if you have now got the actual story) decide, at the end of the day.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Seventh

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Post by Seventh » Mon Aug 10, 2020 12:49 pm
I’m still not sure I’ve got the correct story to be honest. I’ve sent in my complaint about the way I wasn’t kept informed and was assured that the offer would be accepted and then ultimately wasn’t. I’m hoping that it might just get them to check their procedures so that this doesn’t happen to anyone else.

kallis3

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Post by kallis3 » Mon Aug 10, 2020 12:51 pm
Not long to wait now until you are totally debt free.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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