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Hi, 

 

I hope everyone is safe and well. 

 

I went in to an IVA arrangement with credit fix over a year ago and I've received an email this morning saying a higher claim has been made by LC Asset which will result in extending the arrangement by another 12 months. 

 

Credit fix is asking for consent to extend the arrangement and that if I don't provide consent then I will be in breach of my IVA. 

 

I made sure to include all my creditors in the IVA at the start of the arrangement. 

 

Are creditors allowed to keep asking for extensions to the IVA... The arrangement will go on forever like this? 

 

I would be really grateful for any advice or guidance on this issue. 

 

Thank you. 

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Hi there,

 

There should be a government health warning on IVA's I bet their representative never told you that most of the debts were probably unenforceable anyway.

 

Can you list each debt?

We could do with some help from you.

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Hi, 

 

Thank you for responding. 

 

Yes, you're absolutely correct, I can't recall having been made aware that the debts are unenforceable. 

 

I fell in to genuine financial difficulties and never wanted to be in a position where I don't pay back atleast some of what I owe, felt really guilty. 

 

The discussion with the advisors from credit fix were always centred around the consequences of the IVA was not setup.  The other option was bankruptcy but this was discouraged because it would be a black mark against my credit status but I've since discovered the IVA is also a black mark... I can't get a bank account with some banks... I've also been refused the government backed coronavirus small business loan because of the IVA arrangement. 

 

The debt is owed to credit card companies, next retail, very.co.uk...with single debt amounts ranging from £200 to £3,000, with an overall debt amount of about £20,000.

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Hi there,

 

I was being rhetorical, of course they wouldn't tell you that all of your debts would  have been better off left alone and likely would have slipped of your credit file after 6 years, unchallenged. Of course they wouldn't tell you that the CCA agreements were probably completely unobtainable. The slimy salesperson at the end of the phone wasn't interested in your welfare one little bit.  Just the juicy commission cheque so he could take the wife somewhere nice on holiday.

 

Oh and as for feeling guilty, I think that's understandable but they (CreditFix) sure didn't feel guilty about shafting you in a massive way.

 

If you could list each debt separately. amounts, date of default etc, it would be really helpful to get an idea of where you stand.  Also do you own a a property or any other major assets?

We could do with some help from you.

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Hi, 

 

The following amounts are part of the IVA, I've copied them directly from the IVA agreement from credit fix. 

 

Barclaycard £358.00
Capital One (Europe) Plc £416.00
Capital One (Europe) Plc £167.00
Cash Plus £483.00
HSBC Bank Plc - Card £5,503.00
Newday Ltd £2,236.00
Newday Ltd £952.00
PayPal Europe Ltd £1,233.00
Shop Direct Group £832.00
Tesco Bank £535.00
Vanquis Bank Faisal £997.00

 

I don't own any property, I live in rented accommodation. 

 

I own a car freehold which is probably worth about £3000.

 

I have a car which I purchased using finance provided by blue motor finance and this has about £5,500 outstanding which I'm paying off regularly at £245 per month. 

 

Other than the above I have no other assets. 

 

The IVA arrangement requires me to pay:

 

39 payments of £65.00 per month

21 payments of £310.00 per month

 

I'm not sure about the exact default dates but the IVA agreement started in April 2019, the first payment left my account on the 15th of April. 

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Are the individual debts with DCA's? Who was chasing you for these debts before the IVA? 

 

It  might be worth you taking a look at your credit file as it will list default dates as well as who owns each debt

We could do with some help from you.

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dump them now

 

you've been had blind

75% of what you pay go on their fees.

 

throw the morality card of 'owing' the debts out the window too!!

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Absolutely lol, I was getting to that too. Bottom feeders of lowest order.  HSBC Bank could have safely been left alone until the heat death of the universe, for example. You've been lied to! Ditch 'em

We could do with some help from you.

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Originally and just prior to pursuing the IVA arrangement no DCA was involved, I was dealing directly with the credit providers. 

 

Since the IVA came in to effect, I have received letters advising the creditors have now passed on the debts to various DCAs. 

 

I'm just checking my credit file through credit karma and I can see that barring capital one and vanquis all others debts are now managed by DCAs. 

 

The default date appears to be 29th of March 2019 for all of them

 

What is the best way for me to handle this, how do I move away from this IVA and are there any consequences to ditching this agreement? 

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The only benefits are positive ones

simply stop paying the iva. It cant hurt you at all.

 

when did you take most of this credit out?

 

Dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi Dx, 

 

Most of the accounts are 4 to 5 years old and up until back end of 2018 all payments were on time and up to date. 

 

Would the best approach be to contact the creditors individually and work out arrangements with them and then tell credit fix that I no longer wish to continue with them? 

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Don't tell anyone anything. Don't pay anyone anything. Wait for the deforestation to come through your door. We can then deal with each one separately, and test to see if you even need to bother paying anything. 

 

DO NOT SPEAK TO ANYONE BY PHONE! 

We could do with some help from you.

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In future, all communication needs to be in writing only, by that I mean good old fashioned post, not email even.  Phone Operatives are trained to intimidate, lie, make you feel guilty, so that they can cash their commission. Right now times just got a whole lot tougher and they are even more determined to earn money whatever way they can.  When you communicate by post, this tactic is taken away from them, and they can't pressure you into doing something not in your interest.  

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We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

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Fair enough London1971, 

 

London1971 and Dx thank you for your help, I really appreciate it. 

 

I'll keep you posted on what happens. 

 

Stay safe, take care. 

 

FSR

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Please dont forget dca's are NOT BAILIFF s

and have ZERO legal powers on ANY debt.

 

might pay you to read a few threads in the debt self help forum too

you'll soon get the idea

 

Dx

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please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

I cannot resist the temptation to add to this thread!

 

A friend of mine was in an IVA with around ten lenders and I wrote to every one of them with a CCA request to produce paperwork to demonstrate the debt existed.

 

Not one could do so.

 

Most wrote back to say they could not produce the paperwork, one sent some cobblers concoction of an application form with no signature and one, in a rare display of integrity,  even went so far as to say that the debt was unenforceable as a result of their own lack of evidence.

 

100% success rate.

 

He stopped the IVA payments and has heard no more.

 

Do yourself a favour and give these blood suckers the big E.   It cannot have a worse impact on your credit score than has already occurred and anyway who cares about their credit score, this is a device by the lending industry to keep you in line.  As long as you live debt free your credit score should not be that important. 

 

Also, there is no moral issue here.   These IVA companies will simply suck your limited funds into their own bank accounts. 

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Excellent contribution !! There should be a government health warning on IVA’s and DMP’s etc.

 

The world is also full of adverts telling us that Credit Score is the bee and end all of everything.

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We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

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just also remember that cancelling an IVA cannot harm your credit score.

 

all debts within an IVA MUST be registered as defaulted with a date added when you take it out... unless they were already registered as defaulted before the IVA inception.

  • Thanks 1

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Thank you everyone... Thanks to the guidance you've provided I've gained a better understanding of this whole issue. 

 

My wife and I called the bank and stopped the recurring debit card transaction which was setup by credit fix. 

 

I'll let this play out now, won't be answering their calls until they write to me and I'll keep you guys posted on what's going. 

 

Thanks again for all your support. 

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Superb! You have taken control! Keep on updating us

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We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

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