Creditfix IVA added more time

Alia78

I got my IVA with creditfix in 2021 for 5 years in 2023 they emailed me to say because of the cost of living they were lowering my monthly payment which I accepted till later I found out they add more time to my IVA. It is ment to end march 2026 and now I still have 30 months left when I called and complained they said it was my own fault for not reading the small print. Does anyone know how I can complain about this time. I am devastated that I have more time added on I just want this IVA to end. Any help I would really appreciate. I can not figure out how to start a thread which is why I am putting it here. Thank you

Grumpelstiltskin

It should have been explained to you the IVA could be longer in certain circumstances. EG if you are renting it will normally be extended by another year as you can't remortgage.

This is something you should have researched yourself before signing up to the IVA, did you take any advice from a debt charity or did you jump into something you saw advertised on social media?

sourcrates

Most IVA`s end up being for 6 years, or longer in some cases, as you are meant to re-mortgage in year 5, and if that`s not possible, a further year of payments is the norm.

Also any arrears resulting from a reduction in your payments, are always added onto the end of your arrangement, you don`t get these payments cancelled or written off, they are always added on to the end, thus extending your IVA further.

Standard IVA terms and conditions unfortunately, you remain liable for all payments agreed at the outset, that never changes despite any temporary reductions that are granted.

ManyWays

Are the current payments manageable? 

spooookie1

I am no expert so take what I say with a pinch of salt. But I started my IVA two months before you did and on Friday I received the closure letter also Creditfix.
My feeling here is it was extended because you took the reduced payment option. I was also offered the same thing but chose to continue with the same payment as a niggle in me suspected something may go wrong.
Like you I simply wanted it finished and to get clear.

I rent etc but found the process very smooth and painless and it was finished in February with the closure letter finally coming through on Friday. So five years done.

Sorry to hear you are not out of it yet but what I am suspecting is when you took the reduced payments option because that sounds like the only difference in ours apart from a slightly different start date.

sourcrates

OP not been active since March last year.