i'm in a Iva with Grant Thornton 😠it was originally with tenon,shortly into our Iva our income was greatly reduced so we asked for our payments to reduce ,tenon did this but never explained that the shortfall had to be made up, although going through paper work it does state this as you probably understand when your in trouble financially you'll do anything, so they reduced our payments from over £500 to just under £400 we until what we thought was our final payment last Feb to be informed we had another yr of paying to make up the arrears, we had a valuation done on the property around 6mnth before the finish date& heard nothing so thought that was that,we carried on paying for the extra year6month before it was due to end we had to have house valued again due to release clause heard nothing again and was even congratulated on last payment so thought it was done,then a letter came asking us to get2remortgage attempts even!So looks like another year! Surely this isn't fair?Firstly at the end of our5th year we'd paid less off our mortgage than the end of the 6th forced year so therefore more equity in the property,also we have no idea how to remortgage and what proof they need and also I am thinking of taking legal advice?The equity in our property is£5010 this is just£10over the 5000 that needs to be in the property to force the release clause this seems extremely harsh bearing in mind our payments for another year would be£475a month! They mentioned something last year about making a offer in the final year my dad was wondering what sort of offer it would take?We have no idea as G Thornton dont want to help and I can't even get in touch with the progressions team they never call back, we just want to get on with our lives and we wished we'd just gone abankrupt in the first place!,any advice would be welcome as we don't know we're to turn, what to do Mr how to even go about getting turned down for a remortgage,
Hi,
We did a couple of online applications and just sent in the results showing a rejection which you will almost certainly get, this was accepted by our IVA company no issues.
Regards.
IVA completed with StepChange.
Last payment Sept 2016 CC Oct 2016
I would write to customer services and ask for an explanation. If they went through the equity release and excluded the property the first time ( even if they didn't tell you) they cannot then go back for another bite. The second request could be an error ( which has happened a few times before!).
Incidentally, payment breaks are usually recouped at the end. Most proposals have a clause allowing the IP to reduce by up to 15% and this reduction is not usually added back on. Could be worth running through this again with them.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Also question the de minimis part - this seems to be the second case that we have heard of where they ahve not allowed both of you (if you are both on the mortgage) a £5k allowance each.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by luna
Hi,
We did a couple of online applications and just sent in the results showing a rejection which you will almost certainly get, this was accepted by our IVA company no issues.
I would ask Grant Thornton to explain eveything clearly in writing to you as to what they believe has happened with the contribution payments and equity in the property. I would also ask them for copies of their annual reports, which you should have been sent anyway, as this will show what they told creditor's has happened. When they wrote to you about the reduced contributions I would have thought they would have explained in writing at the time that they would be deferred rather than varied to a lower sum, if that was the case.
I have just come off the phone from Grant Thornton and questioned the things advised I may well have spoken to a sarcastic brick wall the woman was called Susanne and didn't want to help or listen but just kept going on about how I have got away with none payment of a lot of what we originally owed and how I should be grateful, there is no complaints department or any other way of resolving this so looks like a remortgage attempt then another year of payments I am so angry that there is no one there to turn to or government help we feel like we were led up the garden path from the start, thank you for trying to help
"If you aren’t getting the answers to your questions then you can ask them for details of their complaints policy, you can normally to do this over the phone, by email or letter.
Once you have registered your complaint with them there are maximum timescales within which they must have acknowledged and dealt with your complaint or written to you to advise they need to investigate further and need more time. Once they have completed their investigations you will receive their final response to your complaint and it’s at this point you have the right to complain to their regulatory body if you remain unhappy, details of who to complain to will be on this letter."
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Follow the advice provided by Lisa - she is an Insolvency Practitioner so knows what she is talking about.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
GT's complaints procedure used to be ( haven't look lately) notoriously difficult to find, but they posted this advice some time ago:
From earlier posts, this is the GT complaints procedure (if it gets as far as complaining to the Regulatory Body (IPA, in this case)the complaint will be against the IP ( who is the member) not the company (who is not):
1 If a client expresses unhappiness with the service provided by this firm, then in the first instance the concerns will be dealt with by the manager responsible for the area that gave rise to the complaint and you will receive a formal response in that regard within one month of the date of this letter. Should we require additional time to investigate the matter, you will of course be advised accordingly.
2 If the matter cannot be resolved by the relevant manager, you can then direct your complaint to my designated senior member of staff Mr Paul Madden at Grant Thornton, Waters Edge, Clarendon Dock, Belfast, BT1 3BH.
3 If you continue to be dissatisfied with my firm's response to your complaint, you can then write to Ms Fiona Beighton - the Head of Quality & Risk Management who deals with any complaints arising from the firm's recovery department - at Grant Thornton UK LLP, 30 Finsbury Square, London, EC2P 2YU.
In the unlikely event that my firm is unable to resolve your complaint you can then complain to my regulatory body – the Insolvency Practitioners Association.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The whole GT set up seems deliberately designed to make things as frustrating as possible.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I have just negotiated the month 54 equity release attempt phase of my IVA.
Having looked online it appears that Nationwide and Chelsea BS provide an online two tier application process, you would fail the initial credit check application and could then send a screen shot or print out of the `refusal` notice to your case manager.
I actually contacted my mortgage provider and explained my IVA / equity release remortgage scenario and they confirmed that they wouldn`t even entertain an application from me, they sent a letter confirming this which I forwarded onto my Supervisor who accepted this as proof of me being unable to remortgage.
Good luck
Last edited by Goosed on Thu Mar 12, 2015 5:00 pm, edited 1 time in total.
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