Creditfix again !

Get expert opinion. This is the place for new questions to be posted.
14 posts Page 1 of 1
User avatar
jmf293
Posts: 24
Joined: Fri Feb 06, 2015 2:01 pm
by jmf293 » Mon May 08, 2017 10:55 pm
Hello all,
I started my IVA with PJG in 2011. I made my first payment in August 2011. With PJG, my IVA ticked along without any drama.
My IVA was then sold to CreditFix. That's when the problems started (Feel free to take a look at my previous postings for details). However, there is now light at the end of the tunnel. At the five year anniversary, Creditfix agreed to the 12 month extension, instead of the re-mortgaging for equity release option. I was pleased with this outcome. Having made the first payment in August 2011, I calculated that my final payment would be July 2017 - this being five years plus 12 months extension. Creditfix are saying that although I made the first payment in August 2011, my agreement didn't start until September 2011, therefore my last payment will be August 2017. I've looked at my agreement from PJG, and it states I will make 60 payments, and then will have to do equity release, or the extra 12 months of payments.
Now, is it me, or, are Creditfix being a tad naughty and asking for 61 payments ?
Comments would be welcome.
User avatar
doritos
Posts: 296
Joined: Sat Mar 09, 2013 1:59 am
by doritos » Tue May 09, 2017 6:30 am
ask for an account statement from CF (you can also ask at your bank as well) that will show all payments made, to date.
User avatar
Foggy
Forum Expert
Posts: 22863
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Tue May 09, 2017 6:50 am
Good advice from Doritos -- check statements for a count. The problem with CF is that they are now operating arrangements with differing conditions ( from different sources) and seem to cross-apply where they shouldn't ! When you talk to a call handler they do not have the full picture at hand. Some arrangements are, indeed, 61 payments, with the first payment going to the introducer (rare these days, but some still lurk) --- but, PJG did not do this, as far as I am aware.
User avatar
Michael Peoples
Industry Expert
Posts: 14957
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Tue May 09, 2017 8:04 am
Check your Chairman's Report. Some creditors did say that any payments made to the Nominee in advance of the meeting were to be introduced in addition to 60 monthly payments. You could have been caught with this.
User avatar
Lisa Thomas
Industry Expert
Posts: 5739
Joined: Wed Dec 03, 2014 10:26 am
Contact
by Lisa Thomas » Tue May 09, 2017 11:33 am
Your first payment may have 'gone' to pay the referral fee. Check the paperwork carefully and you should see this disclosed in there.
User avatar
recovering
Posts: 1331
Joined: Mon Sep 26, 2011 8:27 pm
by recovering » Tue May 09, 2017 2:02 pm
I have a feeling they are doing the same to me. I emailed my caseworker over 2 weeks ago.............still waiting
User avatar
kallis3
Forum Expert
Posts: 71438
Joined: Mon Mar 17, 2008 4:02 pm
Contact
by kallis3 » Tue May 09, 2017 2:05 pm
Foggy is correct - PJG never had an 'upfront' payment.
User avatar
allaboutme77
Posts: 14
Joined: Thu Feb 04, 2016 8:12 pm
by allaboutme77 » Tue May 09, 2017 6:38 pm
Hi, this happened to myself, it took 3 emails and several calls to various CF Customer Service agents who were adamant that we would pay month 61 but it just ended at month 60. I didn't question it as I had my Completion Certificate in hand.
They operate in a very strange way. Glad to have finished.
Fingers crossed the same happens to you
User avatar
recovering
Posts: 1331
Joined: Mon Sep 26, 2011 8:27 pm
by recovering » Wed May 10, 2017 10:18 am
Hi, I just fished out my extra year in lieu of equity letter and it states the extension runs from Feb 2017 to Jan 2018 which is 72 payments not 73!
I am ex PJG so tell them they are wrong!
User avatar
doritos
Posts: 296
Joined: Sat Mar 09, 2013 1:59 am
by doritos » Wed May 10, 2017 2:12 pm
ex PJG, 60 months, no funny business (which was nice)

CC issued within a month of IVA final payment.
User avatar
jmf293
Posts: 24
Joined: Fri Feb 06, 2015 2:01 pm
by jmf293 » Wed May 10, 2017 5:59 pm
I've found my agreement letter from PJG. It states I will make 60 payments, and thanks me for my first payment and states my second payment will be collected by Standing Order in September 2011. This means my calculation that my final payment should be made in July 2017 is correct.

I've emailed it to CreditFix. I'll let you know what response I get.
User avatar
jmf293
Posts: 24
Joined: Fri Feb 06, 2015 2:01 pm
by jmf293 » Wed May 10, 2017 6:00 pm
Forgot to say......thanks for all your help so far.

Xx
User avatar
kallis3
Forum Expert
Posts: 71438
Joined: Mon Mar 17, 2008 4:02 pm
Contact
by kallis3 » Thu May 11, 2017 7:36 am
I think they will have to stick to this. I do wonder though, how many people who don't know about our forum will believe they have to make that extra payment?
User avatar
Michael Peoples
Industry Expert
Posts: 14957
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Thu May 11, 2017 8:01 am
Hopefully that will be enough but if there was a modification at the meeting of creditors which captured the first payment then you may still have one to pay.
14 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 20 guests