So what is an equalised dividend, can you sort this out please and advise me before Friday, this is ridiculous now that you have only just found this out, there are several on the iva forum who you have given this reason to and it is because you have not actually looked at it.. As this was finalised last August iin a creditors meeting this is disgraceful. The funds are enough to equalise they have all accepted the money we have paid so sort this ou tplease. now. I have contacted the ombudsman and he decided you had 28 days to sort it out and you are now very close to being out of time regardless of bank holidays...
-----Original Message-----
From: iva.closures
To: pam
Sent: Wed, 30 May 2012 15:19
Subject: Re: 288472 Iva forum
Good afternoon Pam,
Unfortunately we have identified a problem with the distributions in your IVA. There are currently not enough funds to equalise the dividend to your creditors and before we can close an IVA we have to ensure that all your creditors are paid exactly the same dividend. Please be assured we are working to resolve this issue and have your closure documents issued to you as soon as is possible.
I trust this is satisfactory, however should you have any further queries please do not hesitate to contact customer services on 0844 855 or via email at ivaclosures
Kind regards,
Olivia
Closure Contact Co-ordinator
ITS OVER WE ARE FINALLY DEBT FREE, CERTIFICATE ARRIVED
We paid our last payment in June 2011 and at a creditors meeting they decided it was ended and they would accept what we had paid 59 months, when my husbands arm was hurt now 12 months later we get this and we had only my income, now excuse after excuse and a an absolute load of b s
ITS OVER WE ARE FINALLY DEBT FREE, CERTIFICATE ARRIVED
From my 'very limited' knowledge, I would say it appears that the funds paid into the IVA when distributed pro rata to your creditors, do not meet the dividend expected, so they are obviously looking into this to find out where the discrepancy is?
The discrepancy is probably my remortgage and the last £1000 we should have paid before we ended it which was 1 months payment. At the meeting they accepted this so tough, as my husband has not worked since and they can now whistle.I Am so mad, and the dividend is still good, so why have GT JUST decided that AFTER 12 MONTHS
well really you have not paid enough.
what a load of ......................... the worst word you can think of
12 months down the line when they want to be a respectable company who present a fair case. They have told us this , that and the other and even a phone call saying it would be certificate on 25th may so what sort of lying torags are these. It would appear they are now completing the later ones as it is less pressure.
Watch this space what an absolute disgrace,
Well I already have a case lodged so 1 more week and that will be them being investigated.
ITS OVER WE ARE FINALLY DEBT FREE, CERTIFICATE ARRIVED
I can see you are very upset about this Vinnie, ut the way to tackle it for a positive outcome is to work with GT to get this resolved quickly. GT appear to have had a lot of problems with delayed completions over the last year which is not your fault, do you have a copy of the variation meeting report where the reduced dividend excluding the last payment and remortgage were accepted? I would instead email GT back with a copy of this and ask them to confirm if this covers the discrepancy or is there something else?
Unfortunately you are still bound by the T&C's of the IVA until you get your completion certificate which means if you receive a windfall you will have to pay this across so it is in your interest to work with them to get this concluded to both your satisfaction.
I am very unlikely to receive a windfall a job would be enough for my husband, i am just sick to death of the lies and deceit.They tell you one thing one day and then come the day change it. I will take this through my own channels thanks for the advice anyway, but GT do not improve their customer respect. They are seriously not fit for purpose.
ANYBODY THINKING OF GOING WITH GRANT THORNTON PLEASE DONT
ITS OVER WE ARE FINALLY DEBT FREE, CERTIFICATE ARRIVED
I understand that the unequalised dividend issue may well relate to payments made to creditors by the previous IP, which were not on a pro-rata basis - goodness knows why! - and that to ensure a pari passu position that money has to be collected back from the ones who have been overpaid, to distribute to the ones who have been underpaid. What a nightmare!
I once made a mistake on a dividend distribution, issued the cheques and only found out the error about three weeks later. I had to go through the same process on just one case, and it took over 6 months to rectify. Imagine the difficulty for the new IP if there are thousands of cases in the same boat.
Not sure why GT have only found this out 12 months down the line, and have promised and promised when in reality what they need to say is that they have not even looked at it and cannot possibly complete the transactions by 25th may which was only promised after my last kick off, 2 weeks ago. I understand this might be a nightmare for them but if they are seriously understaffed that is not really my problem, they took on the clients of how ever many companies being greedy and can't really service them in a decent humane manner. I know what you are saying and you're company is obviously very reputable but GT can't even say that now. We all take on more than we can chew in times of desperation but this is a joke.
ITS OVER WE ARE FINALLY DEBT FREE, CERTIFICATE ARRIVED
Have you discussed this with Karol, the GT representative who posts on the forum Vinnie. She has done some marvellous work in gettng outstanding cases sorted out for a number of posters recently, and if you haven't managed to reach her I recommend that you give it a try.
How hard is it to divide all the creditors by the payment, and work out the percentage they are due,, I have a maths degree(therfore I am not very proud of being in this iva) so find it very easy, but now there are calculators available for the low paid they probably employ. however they may need to teach them how to work said calculator.
They may even need a calendar or even a computer diary to let them know when people are expecting a certificate, or some response, is this rocket science or is this just me being unrealistic with financial institutions
ITS OVER WE ARE FINALLY DEBT FREE, CERTIFICATE ARRIVED
