Debtmatters, Grant Thornton and Payplan

[greenback]

As I understand it if you sign the new IVA deal you then will be liable for all charges abnd the cost of a further meeting needed to agree the changes, ummm what happens if the creditors dont agree first time round and the need another meeting and another - all these extra fees will come out of your payment pot making the creditors more anti your finacial situation.

Also remember any meeting with creditors gives them a chance to agree more favourable terms, as I said before a few years ago when my IVA went through the credit situation was crazy and they would give you money for old rope, now things have changed and will get worse - I expect the USA to go into recession, they are practically now and if they do that effects every major country in the world.

So do you think that creditors with keep the same arrangements when your new proposels and the meeting takes place - I personally think not.

I expect they will agree to the changes IF certain extra's are added to your IVA.

DM were still awaiting some of my creditors to stake a claim for debts owing up to last septemeber for me and I have now been in this IVA 2 years. I actually had to call the creditors myself and listen to their threats on how they would not honour my IVA and how I was going to be sent to court etc - O cleared all this up by constant chasing to them and DM who assured me all the time not to worry and that they would sort this out.

So as the main creditor I owe money to did not accept my IVA until recently and had still been added interest to my previous debt I doubt very much if they had the chance to review my current IVA terms that they would say thats great and lets keep things as they are and you can have another 10 percent of the final payment pot do you?

If it was my money I wouldnt agree to this unless I was getting something back in return in my favour - this is why I will not be changing my terms if it isnt broken dont try to fix it.

I have the advantage of having nil saving, nil equity and I live in a bedsit, not a very attractive prospect for getting much out of me if they treat me badly.

On another note when I did speak to DM about the situation they made no comment about 2 different companies sharing the IVA cases - as I was told because I have a faultless IVA payment history and no problems my IVA will be transferred to payplan - they made no reference of the other company all they said was the bad payers and failed IVA's will be dropped - so I guess this is where the 'other half' of there cases when to GT (it would be interesting to find out if all the IVA's with bad histories or failing have been sent to GT and the good ones sent to payplan!

[craigbeas]

Mel - I here what you are saying but if you were paying 5000 supervisor fees and costs you would expert some sort of service, i was mis sold this IVA and have struggle to keep up with the payments but have done overtime so we did and now we are in aposition where we can sell and hopefully pay off we get no help at all. We want to sell before property proces crash. GT should have enough people to cater for this and there due diligence has been inadepuate to date. Who can we complaint to?

[MelanieGiles]

It is perfectly undertandable that some of you are annoyed, confused and generally bewildered about the requests from GT and Payplan to amend the terms of your IVAs. Some of you will feel that this is unecessary, and others will see that there is some advantage.

Firstly, to Greenback, there is absolutely no bias shown by any of the expert posters on this site. The site is a forum for all to express their views, and you are entitled to yours. You are also entitled to disagree with the variations being put forward, but at the end of the day the Supervisor can apply for variations to the IVA without your agreement, for things that do not affect you personally, and this would include an amended fee resolution. Of course the request would have to be justified.

I also see no need for a representative to post on this forum, as there is a dedicated help line to call for both GT and Payplan's clients, where you can seek specific advice about your particular case. This is far better than receiving generic advice on an advice forum.

[greenback]

Well from what I understand they may be able to request fees and that will be the creditors decision, but they can not arrange a meeting to change terms of the IVA without my consent as this current agreement went through the courts and is thus legally binding.

[greenback]

And yes every organisation has a channel to complain about being given the wrong information or being badly handle.

Up to now this has not effected me but if DM or payplans actions are not justified and I am the one footing the bill for them changing terms and selling are IVA cases to another IP then we will have a legel right to fair practice.

Every employer or company is ruled by a governing body so that if we are mistreated or receive unfair treatment we can take this higher I am sure.


But there are alot of ifs and buts and the only thing I can be certain of at the moment is that DM have run their affairs very badly and treat their customers as assets instead of people.

[MelanieGiles]

Well I suggest that you seek appropriate legal advice on your position if you feel that any of the advice given here or from your new IP is incorrect.

[youldena]

I have never missed a payment since my IVA started two years ago so looks like the theory that all the bad ones have gone to GT isnt right

[MelanieGiles]

I do not know how GT and Payplan have divided up the cases, but I would not have thought that one firm would have been happy to take over all of the defaulters.

[goulda]

I am same as youldena all payments as requested have been paid when due.

"proof of Debt" is the only modification I am not sure I understand but I will try and obtain further info

[youldena]

I agree, why would they want to take on all the risks!!

To be honest I cant see GT being as bad as Debt Matters, their service was disgraceful. Legally I guess we are still protected by what we originally agreed to. Think we all have to take a step back and not panic, I just keep trying to remind myself of how it was before the IVA - very scarey!!!

[greenback]

As most of the DM transfer of ownership is still up in the air and the fact that I have had not decent level of communication other than this change of IVA agreement letter at the moment I do not have enough information to make a decision.

I find the information very useful and everyones comments benefical in enlightening me from this current dark spell in my IVA.

But there is a big difference between giving a general information about IVA procedure and how it MAY affect people in this situation and actually being able to read the agreement and know the history of a customer before making assumptions.

I presume some have had dealing and are in contact with many firms including DM and the new IP's so this is bound to be some siding with their opinions for the arguement. But could I ask what other channels of legal procedure do we have if we end up finding out we have been mistreated or are paying for changes beyond are controls?

As I say my current terms are as ok as I could expect and my previous comments are for the poor customers who have been struggling with their payment to the extent they have default or are having to work long hours to pay their monthly contribtions.

I do respect everyones point of view and this is an open debate not one pointing the finger at any persons comments or actions.

[MelanieGiles]

The proof of debt modifications is seeking to encourage creditors who have not claimed to do so sooner rather than later, presumably so that the new IPs can begin to distribute your monies to them.

[goulda]

thanks melanie
at my last review only 2 out of 13 creditors had made a claim and both these were Eversheds who had bought debts

[greenback]

Also my questions regarding GT was an enquiry born out of general interest in what DM said to me when I spoke to them.

As I say they did not mention GT or payplan they just told me half the cases had been transferred and the other half consisiting of failed IVA's and bad histories were being dropped, so when I heard that the cases had been split I just wondered what they ment by this.

[MelanieGiles]

If you feel that you are being unfairly treated you should follow the following route:-

1 Speak to the dedicated helpline and seek advice. If they cannot answer your questions insist that you be given the telephone number of someone who can - preferably either a Manager or even the IP themselves.

2 Find out if the firm has a complaints procedure which you could follow and who to write to with such details.

3 Refer the matter to the incoming IP's regulatory body.

4 Submit a complaint to the Financial Ombudsman.

5 Seek appropriate legal advice.