Debtmatters, Grant Thornton and Payplan

[baz36]

ireceived the letter from Payplan today, will all the modifications etc, read through it a few times, and really didnt have a problem with signing. They are a good recommended company who have been running for 16 years,and if they were out to upset us as customers they wouldnt get a very good name would they, also i think that the clause where they have the power to lower your payments by 15% without a meeting could be really useful if we come up against problems. They also asked for our preferred method of contact and i have said email, that way you always have proof of what has been agreed etc....

[greenback]

Well I already have the 15 percent deduction clause and you have to ask why if this payplan company is so good and ment to be run like a charity {free} and is backed by the major banks that it insists on trying to up the IP fees another 10 percent?

Also there is nothing in the letter I got from them to suggest they can extend your payment term from 60 to 72 months but... DM confirmed if we change the terms to the new IP this will be the case, maybe your ok with this but I am not.

The transfer has been done so nothing will effect the way your IVA is running at present and the payment setup stays the same - so what is the rush to sign up to something that could drastically change your IVA, if it was only small changes they were making as people suggest then surely they would not be trying to get people consent over the phone! although I am sure they would still need this in writing.

If you have signed great you obviously are happy with your terms and dont need to post anymore on this topic but alot of us are not happy

[baz36]

i apologize if i have offended in some way,this was not meant to be. Maybe the new modifications suit some but not others depending on their circumstances etc.....like i said i was happy that the 15% reduction clause was in it (as it was not in my other) and saying that they can extend the number of months (i dont know, but who knows whats round the corner, and i may find this useful if something untoward crops up and i have to miss a payment or something).
Like Melanie said in one of her posts, why not give this firm a chance.

[goulda]

I have contacted Grant Thornton and I want them to confirm I only have to pay 60 monthly payments to conclude my IVA and be debt free. I will inform you all of their reply

[greenback]

I have no problem with your comments and your situation is slighty different as I am with payplan so totally different company and changes I hear.

I just want people affected to thing things through and access their options before they sign, then theres no going back is there

[haha]

well for those of you still waiting to receive your letter i would advise ringing the helpline of the relevant company, i received my letter but my wife never received her's and it transpired theat dm had not updated her address details (we sent in a joint letter to covoer our joint iva) added to which they had not linked our case's on transfer to payplan.

@mel thanks for the advice both my wife and i have already agreed to the variation meeting and discussed the various options open to us including the posibility of early closure although any such considerations will be taken when the time arises as opposed to jumping the gun (they have already started to re-evaluate the payment structure and amounts)

i do however have one further question that was not answered yet: what happens if a creditor fails to provide proof of debt within the 28 day limit ?
do they just get longer to actually come up with the paperwork or does the debt get written off completly due to none compliance ?

[goulda]

Reading the above posts other than for a couple of queries which I am raising direct with Grant Thornton(awaiting reply) the new modifications do not appear to have much bearing directly to me.
One thought - why do Grant Thornton need to propose a modification that already exists in my IVA (Chairmans report) surely they should just be proposing new modifications and not doing them "en blanc".

[MelanieGiles]

To Haha - the modification seeks to exclude creditors who fail to submit their claims within 28 days of the new creditors meeting.

To Gouda - I suspect that the bank of modifications is easier to deal with en bloc, rather than being specifically tailored for each case. If a modification is accepted by creditors which is already covered in the proposal, this does not really then matter.

[goulda]

Mel,

What then happens to the debts of those creditors who do not comply with the 28 day rule. At my last review only 2 out of 13 creditors had made a claim.

[MelanieGiles]

They would be written off and the monies collected would be distributed to the creditors who had correctly claimed.

[Phil]

Hi all and happy Easter
In regards to what Melanie has said above does this mean hypaphtically that say only 2 creditors and the other 11 dont claim and the rest is written off that when you finish off paying into your arrangement taking IP fees and interest into account that the rest of the money you pay in will be returned to you ! I have probably got my wires crossed here(Its happened before)but is this the case.

P

[goulda]

Actually Phil, I was wondering the same is it possible the IVA would not run its course - my repayment ia approx 43p in the pound that could rise to 120p in the pound

[Phil]

Seems too good to be true,and in financial terms there is always a but. We will have to see what one of the experts take on it is

P

[MelanieGiles]

If this happened, hypothetically or otherwise, and personally I think that this is quite remote as most banks do actually claim once they are pushed hard enough, but if they did not claim then the IVA would conclude as soon as you had paid enough money over to pay the creditors who had proven in full and the costs to date of the IVA. So that could result in an early finish, but I think that this is relatively unlikely.

[Phil]

lETS HOPE PAYPLAN DONT PUSH TOO HARD[:D][:D][:D]