There have been many topics regarding delayed closures from various firms and for different reasons.
I would be grateful if Karol, or someone from GT could give a definitive explanation regarding closures, how long they are expected to take, why there are any delays and is the VAT issue part of the problem?
I have emailed to ask specifically about my case (last payment was Sept 2011) and have not heard yet, but I do feel there are unanswered questions for lots of us.
We will not get that Andy - unless HMRC give clear direction to practitioners as to how they intend to treat the reclaims with regard to closed cases.
Each firm is different and will interpret the guidance in their own way. HMRC are yet to settle any of the larger firms claims, so I am led to believe, and my own claim has been with them now for nearly two months with hardly an acknowledgement. There is no right answer to the way this is to be dealt with, and only time will tell whether those of us who are continuing to close cases are correct, or whether we should have stopped in order to maximise the eventual return to creditors. Personally I cannot see much difference either way - as the ruling states that VAT should never have been charged - despite a guidance note in 2007 telling us that it should have been.
It just doesn't seem fair Mel to people who are at the end of a very hard and long journey.
Why can't cases be closed and any VAT windfall passed on at a later date ?
Regards
To the lay person on the outside who is not privvy to the ins and outs, this does seem a little beauracratic. On the face of it it seems the "system" wants their pound of flesh and then lets you bleed out for a while.
I would suggest, in most other scenarios, if you pay for something then are forced to wait 6 months for delivery, you would take your business elsewhere, but "we" can't.
The only comparison i can draw is being sent to prison, doing your time, then being let out on licence.
I fear this subject is destined to be flavour of the month for some time to come.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
To be honest I couldn't care less about "the system getting their pound of flesh", and I am intelligent enough to understand that these processes are complicated and take time to complete.
What I have asked for is a straight answer to GT clients as to what the delay is and what timeframe we should be expecting, I do not believe this is asking too much.
It was that complicated it took McCambridgeDuffy <3 weeks to close. I will continue to repeat this statement on every post that complains about closures for 2 reasons.
1. Embarass other firms to get a reality check.
2. Promote the firm I used cos they were b***** brilliant and deserve it in this total farce.
Sorry, blunt, yep my second name.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Some of the bigger firms attitude to closures at this time is outrageous and should put off prospective clients.
Ppi and the vat issue along with a lack of information is creating great concern for many when it really should be a time of joy.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It is not just the bigger firms who are confused Paul - there are lots of smaller practitioners with the same issues. To all parties interested in this issue, please, please stop bashing IP firms - we did not bring this stupid case, and we have been left trying to pick up the pieces in the best way that we can, amidst confusion and no clear direction from HMRC. As with all changes that involve government departments, this can only work its way through in time - and trust me an awful lot of time is being spent by IPs generally and collectively in trying to agree common ground and policy - with little direction from our regulators or the agency who needs to refund the money.
People in an IVA are too scared to make waves. Mel mentioned in a recent thread that official complaints in IVAs are very low but it really does come down to people not wanting to rock the boat. Its clear from many things posted on the forum that far too many people wont or cant get simple answers from companies funded by them being insolvent.
Lack of information is key, and thats from the top down(hmrc,seniors IP's at certain mega firms!!). Clients are very reliant on their IVA firm for 5 years plus and the attitude shown by many companies when the end is near is quite frankly shocking.
If only all of them had an attitude like that if Melanie,who rather than acting like a god and not allowing clients to talk to her,appears at the other end of the spectrum and is on here to answer queries at all hours of the day.
People really should be careful of which company they choose to act for them,because 5 years is a long time to be tied in to a firm that you cant even get to speak to your own IP!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Yes it was Paymex that brought the case - shortly before effecting the sale of their IVA book. Due to the wording of their IVA proposals with regard to fees, they are likely to be receiving, or may have already received, a substantial repayment of money from HMRC. We cannot argue with the cleverness of that case, so far as Paymex are concerned, and it is unfortunate for the rest of us that we felt our own proposals adequately dealt with the treatment of VAT - per the 2007 HMRC guidelines - but upon challenge by Paymex HMRC changed their minds.
The IPA are trying to get clarification from HMRC - this is unlikely to be obtained in the short term, and in the meantime life has to go on as best we can make it.
