Transfer to Creditf...
 
Notifications
Clear all

Transfer to Creditfix - final update!

11 Posts
6 Users
0 Reactions
2,480 Views
 Mary
(@mary)
Eminent Member
Joined: 13 years ago
Posts: 42
Topic starter  

Just found out today, by phone and email that there has been a serious mix-up in the closing procedure of my case.

I currently own a two-bedroom flat but don't live there. I live in a detached villa owned by my Partner and this is the address that I have used on my TD paperwork.

An evaluation has been done on my Partner's home in complete error and it's with no surprise that the figures came back showing a HUGE discrepancy in equity. If you compare the two properties, it's easy to figure that out and understand why Creditfix challenged this - any other firm would have done the exact same thing.

They have since established that I own the flat and not my current address and on this basis, Creditfix have confirmed - ÔÇ£there is no equity to be realised and the Trust Deed can be progressed to closure with no extension necessary. I will instruct the closure team to bring your case to a conclusion as soon as possibleÔÇØ.

I sincerely hope it works out positively for others who are affected by the transfer to Creditfix and good luck to everyone else who is thinking/or has just entered into the TD process.


   
Quote
(@sold-down-river)
Trusted Member
Joined: 11 years ago
Posts: 86
 

That is fantastic news Mary bet you are relieved. Can you confirm if they used the previous agreed value and paperwork agreed with PJG.


   
ReplyQuote
(@worriedme)
Trusted Member
Joined: 14 years ago
Posts: 87
 

Brilliant news Mary, hoping my closure reaches conclusion soon. Enjoy your debt free future. [:)]

worriedme


   
ReplyQuote
 Mary
(@mary)
Eminent Member
Joined: 13 years ago
Posts: 42
Topic starter  

Thanks - yes, I'm totally relieved and will sleep better tonight!! I don't know if they used the previous agreed value and paperwork as agreed with PJG - they didn't confirm on email and wouldn't be drawn into an answer when I asked on the phone if they were "honouring" arrangements. They haven't denied it either. Sorry, that answer doesn't help, but I just don't know.


   
ReplyQuote
(@sold-down-river)
Trusted Member
Joined: 11 years ago
Posts: 86
 

Thanks for that info Mary, maybe tda is right and we have nothing to worry about. Think I am going to stop reading the iva forum as they guys are having a rough time. Looking like the Scottish trust deed has a more robust framework. You enjoy your debt free life can't wait until it my turn.


   
ReplyQuote
 Mary
(@mary)
Eminent Member
Joined: 13 years ago
Posts: 42
Topic starter  

Thanks - can't deny it was a stressful couple of days but has worked out well in the end - it was a genuine error and I can definitely see how it happened. Your turn will be here before you know it!


   
ReplyQuote
TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi Sold down the river.

I haven't said that there's nothing to worry about.

What I've said is that there is no evidence that I can see that there is any particular reason to worry.

There's been a tendency here for some people to apply the worst possible interpretation to each scrap of news that appears. The thing is, many of these developments can equally be interpreted in positive ways. That's all I've been trying to point out.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
ReplyQuote
TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hello Mary.

I'm glad to hear that this has been resolved and that things will now move forwards for you.

This story really illustrates why, as difficult as it is, people should be very careful about reading too much into every development experienced by someone that has recently had their case transferred.

It also demonstrates why certain people might want to be somewhat more measured about what they write here.

Finally, it also illustrates(contrary to what a certain poster here demands should be the case) why any trust deed provider will need to do reasonable checks on each individual case prior to it being completed and closed.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
ReplyQuote
 Mary
(@mary)
Eminent Member
Joined: 13 years ago
Posts: 42
Topic starter  

Thanks TDA.


   
ReplyQuote
(@candlewick)
Reputable Member
Joined: 13 years ago
Posts: 309
 

That's great news Mary! I'm delighted that this has all worked out for you.

Funnily enough, during the discussion on here at the weekend, I almost said that a new trustee would HAVE to check the details of individual agreements - after all, imagine if an agreement was based on there being no equity in the property that the person lived in, but it ignored the equity in their castle in the highlands and villas in the Med!

I hope that the time needed to close your PTD flies past.


   
ReplyQuote
David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Great news Mary! Glad it's finally worked out for you.

Let us know when you receive that Form 5! It's then time to crack open the bubbly and put the stress of the last couple of weeks/month behind you!

David is not currently posting in the Trust-Deed.co.uk forum


   
ReplyQuote
Share: