We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Creditfix IVA Adjustment Request

Options
Hello,
I've just received an email regarding creditfix wanting to call a meeting of creditors to adjust their fees. 
The worrying part is the comment at the bottom which states:
Please note, you may be impacted if a change in circumstances allows you to repay your creditors in full. 

As I may be in the position of being able to pay it off early. I believe they also feel that I pay the very lowest that creditors would allow percentage wise at present so I'm concerned what would happen as I can't pay more monthly. 

Comments

  • sourcrates
    sourcrates Posts: 31,510 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Someone else posted a similar thing earlier today, this was my response to them, it also applies to you-

    Your IP can claim certain fees associated with the arrangement and running of your IVA.

    These are usually agreed at the start, but I suspect, due to ever increasing costs they want to increase the amount they can take from your pot, so have called a creditors meeting to gain approval.

    They are correct, it won`t impact you in any way, they were always going to take their cut from your payments, it just means your creditors will get less pence in the pound return, which is why approval is being sort.

    That is a non issue as far as you are concerned, so I would agree to it.

    As for this -

    Please note, you may be impacted if a change in circumstances allows you to repay your creditors in full. 

    This is just a standard generic statement which has always applied to all clients regardless.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.