yearly review Creditfix

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Francesca
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by Francesca » Sat Nov 18, 2017 2:59 pm
Hi guys. Hope u r all well. Cant believe its almost a year since started my journey!!!! Just had my yearly review with CF and thought I will share my experience, maybe someone will find it useful. So first all all it was all super quick!!! During the phone call I didn't agree to do it online, which means I would have to share my online banking details. Two days after phone call I receives letter, with E&I and list of needed documents. Sent everything back, them received it on Thursday morning. On Friday I had already all my documents back(guess them done copies for themself) and this morning got an email that my monthly payment goes up by £64 which is a brilliant news. I am really hoping all the next reviews will always be this way. For all of us. Four years to go. Thank you all for the support and advices
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Foggy
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by Foggy » Sat Nov 18, 2017 3:09 pm
Glad it went well, Francesca. Here's to it continuing for the rest of the term :-)
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kallis3
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by kallis3 » Sat Nov 18, 2017 3:19 pm
Good news!
Walker26
Posts: 1
by Walker26 » Wed Dec 27, 2017 9:06 pm
Hi there

We set up IVA in august and have been trying to see online how they review yearly (credit fix). I have had a big salary increase so wondering how to hide this? Also, just wondering how the equity release works in another 4 years time? Do you have to have so much equity ? Any info on this would be greatly appreciated guys
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kallis3
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by kallis3 » Wed Dec 27, 2017 9:13 pm
I'm afraid you won't be able to 'hide' a salary increase. You will be able to keep 50% of it but the rest will go to your creditors.

Equity release will be dealt with at the time.
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Foggy
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by Foggy » Wed Dec 27, 2017 9:21 pm
Walker26 wrote:
Hi there

We set up IVA in august and have been trying to see online how they review yearly (credit fix). I have had a big salary increase so wondering how to hide this? Also, just wondering how the equity release works in another 4 years time? Do you have to have so much equity ? Any info on this would be greatly appreciated guys



You cannot hide a salary increase -- if you try it will lead to the whole IVA going down the toilet.
As for equity, this will be detailed in your proposal. Usually you need to have more than £5k of equity to trigger the release conditions and what happens then will depend on the actual terms you have ( they do vary). You will be required to attempt to release equity by means of a remortgage or, maybe a secured loan. If unable to do this the IVA is usually (depending on your terms) extended by another year instead.
cbdawg
Posts: 21
by cbdawg » Wed Dec 27, 2017 10:34 pm
Hi all

I've just been transfered to creditfix could anyone explain how the online review works please? Do you get a choice? How many months statements etc?

It was fairly smooth with knights bridge and I'll like it to stay that way?

Thanks
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jonathah
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by jonathah » Thu Dec 28, 2017 12:02 am
I am struggling to see how such an increase is good news, but whatever makes you happy.
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Foggy
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by Foggy » Thu Dec 28, 2017 9:40 am
jonathah wrote:
I am struggling to see how such an increase is good news, but whatever makes you happy.


A) It could have been worse.
B) It accords with the agreed terms and the OP is happy to comply with the agreement.
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Foggy
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by Foggy » Thu Dec 28, 2017 9:42 am
cbdawg wrote:
Hi all

I've just been transfered to creditfix could anyone explain how the online review works please? Do you get a choice? How many months statements etc?

It was fairly smooth with knights bridge and I'll like it to stay that way?

Thanks


You get the choice to opt out of online reviews and can stick to the old manual method.
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recovering
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by recovering » Thu Dec 28, 2017 6:10 pm
I never did mine online. I have to say mine were painless no changes to my payments in 3-4 years... i don’t know for sure but as mine was a bit non standard ( fluctuating wages) I suspected they never quite got their heads around my arrangement so the payments were left the same... I had to use an average monthly wage then uplift anything over this using the 10/50/50 method
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