READ THIS BEFORE SIGNING!!! Punished for trying to be debt free quicker! Began my IVA with them in 2020. I've gradually increased my payments over the years from £70 to £150 with wage increases. I received a promotion last year and saw the biggest jump in my wage, but I was on a 6 month probation period which was based on performance, so I decided to wait for my next financial review this October just gone. I began making extra manual payments in July this year when my wage was consistent. In total, I've made £1200 in extra payments which has left me with £600 left to pay on my IVA. I wanted to settle the IVA with one last payment this month and was told I would need to pay £5000+ in fees by their Insolvency department to end the IVA early, then I was told it would £3500+ when I questioned it. So I backed out of the early settlement fee and decided to redo my financial review and continue monthly payments. Today my payment increased to £498 which will be paid in 8 days. After that I will have £102 left to pay in January. I was told on the phone, after the financial review, I'd still need to pay a nominee fee and a supervisor fee to settle my IVA. So not £600 left...£3500 left? Why? Nominee fees cover meetings with Creditors, but if I'm continuing monthly payments, why would this need to be paid now? I've paid £7323 of my total debt of £7973, with gradual increases in my wage over the duration of my IVA.I wasn't contacted by Creditfix when I was making extra payments, I didn't know ending an IVA early would incur ridiculous fees. I was basically left to give them extra money and fall into their trap. Funny how they're calling you immediately if you miss a payment, but not when I'm clearly trying to be a good person and pay off my debt quicker.I've worked my arse off over the years and always prioritised paying this IVA off and now that I have the means to do that, Creditfix are making it impossible to do so. I demanded a Final Complaint Notice from them today and I'll be going to the financial ombudsman with it so they can investigate my IVA. I would recommend the same for anyone in a similar position which by the looks of it, there is many of you. After I made a request in October to end my IVA early they FAILED to take October's payment from me. I called up and asked them why it hadn't come out and they said it was either because I didn't have the money in my account or a system error. They said they'd look into it when I told them I had enough money in my account to pay the remaining balance off, not just the monthly payment. Never got an answer. I find it suspicious how the one time THEY fail to take a payment is a couple of days after I request to end the IVA early. Even when I've made extra payments alongside the monthly payments previously, they've taken it still, but the month I contact them about ending it early...they fail to take the payment!This company is doing everything in their power to keep me in debt when I'm trying everything I can to end it earlier than scheduled and move on with my life. It is not illegal to pay off an IVA early, but they are making it seem like it is.I hope the ombudsman can solve this issue because it's literally holding me back from life now. I earn plenty of money now, I'm better with it and all I want to do is start a new chapter in life and I can't because of these corrupt money hungry corporate idiots. DO NOT USE THEM unless you know what you're doing, know everything about how IVAs work, even then I'd avoid them. Just handle your creditors yourself, it might be stressful, but it's less stress than this.
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CreditFix is a nationwide consumer advocacy firm dedicated to removing inaccurate and outdated information from credit reports to build consumer credit.
