Changing IVA Company

[Rainbow]

Hi all - This is a question for the experts I think!? How quickly could a new company prepare my proposal - Grant Thornton have had all our details since the 1st May and we still don't have any sign of a proposal - Nancy is on leave until Wednesday and I sent an email to Kevin last week and haven't received a reply! Mercers rang this evening and went back through all their records and state that GT have not contacted them at all - We have signed the agreement with them and given authority for them to contact creditors but it appears they haven't. We are really getting worried that this has taken so long, also GT have all our papers and we very stupidly didn't keep copies - How much longer will the creditors wait? We didn't change before because others on the forum said that they were very good. Will this very long delay reflect on us when the creditors meeting is called? Will we be forced to go BR because GT didn't get their act together?
Thanks in advance
Very Worried Rainbow[?]

[MelanieGiles]

Hi there

If you really have concerns about your case, another IP can pick up your details and act for you fairly quickly. Is there any reason why this is all taking so long? You may be aware that Grant Thornton's IVA department are based in Belfast, and that there was a two-day bank holiday over there last week, but is still does seem to be taking an age to even get a draft for you to look at. Another IP would probably be able to put an IVA together for you inside of two weeks if they had all of the paperwork available.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Good evening,

I understand why you are worried Rainbow but it is very unlikely that your creditors would force you to go bankrupt at this stage. Have you sent authorisation letters to your creditors? Do you advise them that you are in process of an IVA when your creditors call you?

Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
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[Rainbow]

Hi thanks for the replies. Our case is straight forward the only sticking point a month or so ago was on the fact that my husband is a part time musician as well as a full time job which really only becomes break even and Melanie advised me on the forum to put to GT that we would pay 50% after submission to HMCR (as they did want projections in the first place) they accepted this. But otherwise no other problems - I didn't realise that there was a 2 day bank holiday last week though....I think I will start to collect the paperwork again though and give Nancy a call on Weds when she comes back from leave. Have told the creditors that we are proposing an IVA through GT but they are not impressed that its taking so long and that's why we are WORRIED that it will go against us at the creditors meeting.

[MelanieGiles]

Go with your instincts here, and if you feel that you have not had great service don't feel bad about instructing someone else. It does seem like a long time ago we were discussing your husband's part time income.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[poppy]

I also had a bad experience with Grant Thornton. I luckily didn't send off my paperwork to them so was able to switch companies. I found them very slow, they didn't ring when they said they would and all my emails were ignored.

[hara]

Dear Rainbow,

They do seem to take long time,it took bout 3 months in my case

I was also having second thoughts.

You did not have to send originals.I always kep a copy however insigficant a document is.

Starting all over with a different IP may in end take same time that would have taken staying with GT.

They seem to do a GOOD job.

I had no problem contacting Give my contacts at GT,Who were very helpful.

With regard to creditors, they alwaws say they have no info,answer politely,give details of contacts at GT and adress,give your ref no at GT.Repeat the same again when they phone again>

Say to the creditors that GT will write to relevant dept in due course of time.

If you still think you do need go somewhere else,the decision is yours.

Hope the above helps.

My IVA went throgh recently.

I understand that GT has been in this business for a long time and reputable.

Hara.

[Rainbow]

Hi All and thanks for the advice. I rang GT today and spoke to a collegue's of Nancy's who was very good and checked where my proposal is and I have been told it should be with us next week! Fingers Crossed will let you know
Best wishes
Rainbow

[jodiex]

Our Ip is with Grant Thornton. When we signed up to our proposal we were desperate to get rid of creditors phoning us and signed on the dotted line. When the proposal came I queried income and other things on it and was told to sign and it would be sorted but wasnt.


Our IP is to me very tight, we pay for 5 years, and re-mortgage for as much as we can get for year 6 and they take 50per cent of our overtime that we need as our bills, i.e. mortgage, rates etc have increased. There is no let up for loss of your job or even death as they have a charge over our home, if we die the creditors get our house and our kids will be in the streets.

I feel very let down by GT, they phone if we miss a payment very quickly but havent met with us since our iva a yr ago. I feel they got our IVA, have taken their fees and dont give a dam about you once you have signed up. Their role is for the creditor not you once you sign.

Read your IVA proposal carefully, make sure they have taken all your outgoings and discussed this with you face to face before you sign. Once your in the IVA nothing can be changed.

[Rainbow]

Thanks very much for the advice Jodiex - We will make sure that we read it carefully and ask for any questions to be clarified first. If we are not happy with the responses we will change IP before we sign the proposal - I didn't think that an IVA led to a charge on the property?
Thanks again
Rainbow

[MelanieGiles]

You will probably be asked to sign Form RX1 - which gives your IP notifiation of a future sale of the property. This is not the same as a charge.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk