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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I was in an IVA years. I owed my creditors a total

Resolved Question:

I was in an IVA for five years. I owed my creditors a total of £52,881. The court accepted an application made by the Insolvency Practitioner that I should back £46,427.89 to my creditors through monthly payments of £690 for 60 months.
I completed the payments in 2014 and got issued a certificate of completion of the arrangement by the court.
My supervisor for the Voluntary Arrangement was Creditfix Limited.
During the 60 months Creditfix was able to claim a PPI refund of £25,463.69 on my behalf through a PPI External Consultancy. All the PPI refund went into my IVA.
All in all I paid £62,760.03 for my IVA. My debt was £52,881.
I only received £1,783.39 from Creditfix after the completion of my IVA. I accepted the money because I needed it after five years of hardship.
My Question:
Have I got any grounds to pursue Creditfix for any money?. I was desperate to settle my debts through a debt management company but ended up with Creditfix and an IVA. I did not expect to pay more than what I owed.
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you.
Do you know how much the costs of the Iva were?
Customer: replied 2 years ago.
The Supervisor Fee was £6,900, a Nominee Fee £3,000 plus miscellaneous fees all agreed before the PPI refund. I was not aware that I was owed PPI refund until Creditfix contacted me and asked me sign letters giving them authority to claim PPI about year or so into my IVA.
Expert:  Ash replied 2 years ago.
If there are other expenses you have to pay those costs. But if you take the Iva debt and expenses then you are entitled to the balance.
So once everything is paid and fees you should have what is left. Can I clarify anything for you about this today please?
Alex
Ash and other Law Specialists are ready to help you
Customer: replied 2 years ago.
Thanks and very grateful for the advice.