Creditfix for iva application.

Creditfix. Any experience of them anyone? I am applying for an iva through them and could use some feedback if anyone used them at all
No reliance should be placed on the above.
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  • Willing2Learn
    Willing2Learn Posts: 6,286
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    I have never used Creditfix and have never been on an IVA. I just popped by to say that they are a commercial outfit and will be earning money from you, which means part of your payments will go directly to CreditFix.

    If I was looking to arrange an IVA, I would only approach either StepChange, PayPlan, or National Debtline as none of them will make a profit from your debts. :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • sourcrates
    sourcrates Posts: 28,647
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    All iVA ‘s attract fees, but willing to learn is correct that the fee structure varies between IP’s, however it doesn’t make much difference to you wether your money goes in fees or to the pot, it won’t effect the arrangement, as fees come directly from your monthly payments.
    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 [email protected]. 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
  • fatbelly
    fatbelly Posts: 20,343
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    Creditfix do a lot of IVAs, and that's all they do.

    I only tend to come across them when they go wrong. The advantage of Payplan etc as mentioned above, is that they have many strings to their bow and therefore (in theory) you should only be led into an IVA if that is genuinely the best option for you.

    In your situation I would chat to at least one other provider, if not two.
  • overlander
    overlander Posts: 276 Forumite
    Creditfix are one of the big boys, you just have to be careful with the orginal agreement. Mainly with regards to house equity etc, you want this all agreed up front and signed. They had a bad habit of waithing until the IVA was up then valuing the house after you ahve made 4 years payments.
  • I am looking for help and don't know where the best place is to get it from.
    I have been in an IVA with Creditfix for a couple of years now if not longer and every month I have been paying £68. In February they took a payment of £235 from my account with no warning, no letters. I did contact them and ask why, they advised me I can afford it which by the way they are very wrong. I have been in contact with them most of the month to get this payment down and I have had no help from anyone. I contacted my bank today to find out they have not been taking this from my account via direct debit or standing order but they have been manually taking it from my account using my long card number and 3 digits from the back of my card without permission, advising me this is what they are doing. Credit fix went Into administration over a year ago and taken over by Carrington Dean. I feel like I am being scammed out of more money than I should be paying back. They keep stating they will extend the time I will be paying this off.
    To my knowledge, an IVA in Scotland, once you had paid for 4/5 years what you can afford, the remaining was written off as this is government funded. Am I being scammed? Can I move my IVA to another provider. I can't take being lied to or scammed by a farce company.

    Any advise welcomed. Thank you.
  • fatbelly
    fatbelly Posts: 20,343
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    edited 25 March 2019 at 8:27PM
    I am looking for help and don't know where the best place is to get it from.
    I have been in an IVA with Creditfix for a couple of years now if not longer and every month I have been paying £68. In February they took a payment of £235 from my account with no warning, no letters. I did contact them and ask why, they advised me I can afford it which by the way they are very wrong. I have been in contact with them most of the month to get this payment down and I have had no help from anyone. I contacted my bank today to find out they have not been taking this from my account via direct debit or standing order but they have been manually taking it from my account using my long card number and 3 digits from the back of my card without permission, advising me this is what they are doing. Credit fix went Into administration over a year ago and taken over by Carrington Dean. I feel like I am being scammed out of more money than I should be paying back. They keep stating they will extend the time I will be paying this off.
    To my knowledge, an IVA in Scotland, once you had paid for 4/5 years what you can afford, the remaining was written off as this is government funded. Am I being scammed? Can I move my IVA to another provider. I can't take being lied to or scammed by a farce company.

    Any advise welcomed. Thank you.

    An IVA is an England/Wales form of insolvency. There is no direct equivalent in Scotland. I'm going to assume you're in England/Wales and you are in an IVA.

    Your monthly payment should not have been increased without your knowledge. If your IP insists the new figure is correct you could try a complaint (the 'us' here is National Debtline)
    Complaints
    Put your complaint in writing to the insolvency practitioner (IP). Set out the facts as clearly as you can. There are additional guidelines that an IP should follow when dealing with your IVA. Contact us for advice about these.

    Say why you are not happy and what you want them to do about it. Include any evidence that you feel supports your complaint. If you are not happy with the IP’s response, you can usually send your complaint to the Insolvency Service. The Insolvency Service will then pass your complaint on to the IP’s authorising body.

    The IP’s authorising body cannot change the terms and conditions of your IVA or any decision your IP has made. However, they can use the information you provide in your complaint to help them decide whether they should take further action against the IP. Also, a complaint will not stop any bankruptcy action being taken against you if your IVA has failed. For more information about making a complaint, see the Insolvency Service's website. Go to https://www.gov.uk and search for 'Complain about an insolvency practitioner'. Alternatively, contact us for advice.

    However, you do need to stop the continuous payment authority if they can't be trusted with it.

    https://www.moneysavingexpert.com/banking/recurring-payments/

    £68 is a very low monthly payment in an IVA. How much debt do you have and are you a homeowner?
  • Fiona_CW
    Fiona_CW Posts: 128
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    The equivalent to an IVA in Scotland is a trust deed
  • fatbelly
    fatbelly Posts: 20,343
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    Interesting debt camel article

    https://debtcamel.co.uk/ivas-in-2018-numbers-jump-and-so-do-failure-rates/

    and the paragraph
    The significant jump in early failure rates suggests that IVA firms are not properly assessing how sustainable a five or six year IVA will be for their clients. It is welcome statistical evidence supporting the anecdotal reports from individual debt advisers saying they are seeing increasing numbers of clients whose IVAs have failed, many of whom would have qualified for a DRO when they were sold an IVA.
    chimes with my own experience except that I would have written 'been more suited to a DRO or bankruptcy'
  • sourcrates
    sourcrates Posts: 28,647
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    edited 29 March 2019 at 12:16PM
    fatbelly wrote: »
    Interesting debt camel article

    https://debtcamel.co.uk/ivas-in-2018-numbers-jump-and-so-do-failure-rates/

    and the paragraph

    chimes with my own experience except that I would have written 'been more suited to a DRO or bankruptcy'


    Its not hard to see why IVA`s are pushed over and above other insolvency solutions, its all down to money, they make good profits from them, they make nothing from a DRO or a bankrupcy.

    Its way past time to look again at the whole structure, recomendation, and selling of IVA`s, root and brach overhaul is needed, remove the fee structure, or drastically reduce it, make it a max of 12 months, inline with the other insolvency options, run it like a DRO, but with no limit on the debt or disposable income.


    Remove the private debt mangement companies from the equasion, and only allow charity based intermediaries to deal with them, at the same time adopt the scottish method of debt mangement plan, and get rid of the cowboys entirly.
    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 [email protected]. 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
  • fatbelly
    fatbelly Posts: 20,343
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    There's a Statutory Debt Repayment Plan coming but the government does not seem concerned (or perhaps is unaware) that the world of IVAs is again becoming a problem.

    I think their minds are on other things.
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