I am told my IVA will last for 73 months, instead of agreed 60 months

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Karen.mg
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by Karen.mg » Tue May 16, 2017 2:08 pm
If an IVA is agreed for 60 months and after the first year because of a change in circumstance the original payment is reduced by less than 15% and no mention of adding to the length of the IVA term at this point, when you get to the 60 month stage and you are now told that your IVA will last for 73 months and they say you have arrears accrued due to the discretionary reduction is this allowable?

Thanks.
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Foggy
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by Foggy » Tue May 16, 2017 2:31 pm
Usually a discretionary reduction below 15% is not repayable -- it is a reduction in payments, NOT a delay in paying the full payment. The only usual exception to this is if there is a declared minimum divident to be met (usually the dividend is estomated .. not a set minimum ).

Ask your IP to explain in detail -- and to show you under what clause he is making this clawback.

Who are you with ?
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Karen.mg
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by Karen.mg » Tue May 16, 2017 2:44 pm
:roll:
Foggy wrote:
Usually a discretionary reduction below 15% is not repayable -- it is a reduction in payments, NOT a delay in paying the full payment. The only usual exception to this is if there is a declared minimum divident to be met (usually the dividend is estomated .. not a set minimum ).

Ask your IP to explain in detail -- and to show you under what clause he is making this clawback.

Who are you with ?


It's actually my daughter's IVA, she asked me to find out for her

She was initially with Mitchell Farrer but last year they transferred it to creditfix, who have not been in touch other than to try and get her to take out a loan to pay the "remaining" months.

Her IVA entered 63 months this month and she was hoping to finish it very soon.

Trying to get hold of anyone within the company is a joke. You ring get pushed around and insist someone rings you back but they never do so you ring and repeat .....

There wasn't a minimum dividend stated just the usual estimated xxxx

Thanks for the reply x
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benjiboo1
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by benjiboo1 » Tue May 16, 2017 3:18 pm
Try e mailing them. You will get a quicker response. I used to be with them & if I needed any answers to anything I was always promised some one would ring me back & they never did. As soon as I e mailed I got a response.
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Foggy
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by Foggy » Tue May 16, 2017 4:05 pm
Creditfixes communication skills are appalling, but they do generally run an IVA fairly and often back down when challenged. They have been acquiring IVA's from many smaller providers, some with different clauses) and tend not to examine the detail unless challenged to by someone who knows their own agreed terms.

Once to do get someone who will listen they sort matters quite well. I would ask them, or consult the website, for their formal complaints procedure so you can lodge a complaint which you can escalate to their regulators if need be.
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Lisa Thomas
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by Lisa Thomas » Wed May 17, 2017 9:25 am
Send them a written request for an explanation by registered post and escalate to a complaint if needed.

Is the IVA term to be 73 months or the payments? This is two different things. Most IP firms allow an extra 6 months time (not payments) at the end to close the case.
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Karen.mg
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by Karen.mg » Wed May 17, 2017 2:40 pm
benjiboo1 wrote:
Try e mailing them. You will get a quicker response. I used to be with them & if I needed any answers to anything I was always promised some one would ring me back & they never did. As soon as I e mailed I got a response.



Thanks, we sent an email yesterday to creditfix saying that we would expect an answer today, as we were promised a return call, which never happened, and sure enough mid morning a "nice" man rang my daughter to say he had reviewed all the info sent over to them by the previous company which was where the mix up occurred.

All sorted now, thankfully.

Thank you to all those who had advice to offer it was very much appreciated x
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kallis3
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by kallis3 » Wed May 17, 2017 3:00 pm
So glad you got sorted.
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Foggy
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by Foggy » Wed May 17, 2017 3:21 pm
Possibly, as I suspected ... not taking the trouble to read the file before making demands --- I worry about how many people just "go along with" what they say and end up paying money they shouldn't.
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