I am wondering if Karol can make contact with all of these disgruntled GT clients and at least give them some indication of the issues which are affecting their case completion, and an idea of timescale to resolve them.
My last payment was August. I had to ask them to do everything since, so if you're waiting to be contacted I suggest contacting them. From my correspondance, this is what should happen:
1 - you stop paying your monthly payment - they probably wont tell you this for some time, if at all, so contact them for confirmation as soon as you have made your last payment so you can cancel it before the next goes out.
2 - it is likely you'll need a final review - this is so they can check wages etc between your last annual review and the final payment. Again, it is unlikely you'll be contacted by them for this anytime soon after your final payment, so ask them if its required and for it to take place. Once this process has started, it takes about 6-8 weeks for them to complete it (I'm still awaiting to hear back from my final review).
3 - once this final review has taken place, your case will finally be passed to the closures team. They claim it can take 6 months for this closure process to complete. Obviously PPI issues are adding to this at the moment.
So in summary, make sure you get your final review to take place as soon as you can after a final payment, as it could take two months for this to be processed then another 6 months for your case to close.
I had no idea that this final review had to be completed before the 6 months quote on closing cases even began, i just presumed it was 6 months after final payment. As I only got my final review to take place in lateish Oct, it will be dec before I can expect my case to start 'closing' at best - adding 6 months to that will be June 2013, so looks like 10 months after final payment is best case scenario for my case to be closed.. but in any case, it is probably 8 months as a best case scenario for anyone.
The first post is almost a mirror image of my own circumastances, paid my last of 63 payments to Varden Nuttal in August 2012, nothing heard from VN since then, Richardson Mail are dealing with the PPI claims, very little information over the last several months except requests for confirmation of my address!, and after my last phone call to VN and Richardson I felt it could be at least 12 months more before its all resolved
I hope Melanie's post about certificate of due completion becomes a reality. The difficulty I have with 'waiting' is a) is a if I receive an asset I might not be able to keep it b) I cant act as a normal human being (ie get mobile contracts, get credit, maybe a car etc) without fear of being in breach of IVA terms - and I now have the 'income' to do things I might not of been able to & c) I want to know that I've completed all my payments, met the required dividend and met 'my side of the bargain' so to speak. This one is a real issue now as XMAS is just round the corner but I cant spend too much money as I dont know for sure if they'll be anything left to pay into my IVA and if there is how much. I'll also add a d) psychologically it is also very stressful to not know these things and it does impact on my mood - I think about it every day. So a completion certificate or at least the 'certificate of due completion' which means I've done everything I need to is very important on so many levels after you've made that final payment. I feel like i've lost my 'human rights' altogether now - a bit extreme but thats what all this uncertainty makes me feel like.
PS I'm no further forward from when I posted the original article, 6 weeks ago. Not heard from PPI company on claims, contacted them and they said they got 30,000 cases to go through but they will be in touch within 2 weeks - 2 weeks now up and nothing. Contacted GT and they simply quoted generic time lines, nothing very case specific (other than they have recieved my final I&E + wage slips and its gone to the review team and nothing else will happen until they have done their bit).
So now 16 weeks and counting since final payment... and still my case is not even at the closures team!
As Mel mentioned elsewhere -- the profession as a whole do not see that Certificate as meaning anything. I guess to them its merely a slip of paper confirming the end of the matter. I know Mel realises, and I hope others are catching on, that the Certificate, to us, is the Holy Grail -- symbolising 5 or 6 long and not easy years and the sheer accomplishemnt of "getting there".
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My IVA debt was for £38k started in Dec 2009 and paid in £41k to October 2012 in less than three years. I have been for the last four months trying in vain to get Grant Thornton to do a review of where I stand as I believe my £38k debts have been cleared. I have repeatedly e-mailed them with no reply whatsoever. I did get to speak to Glen on the 19 November when he assured me I would have it all in writing within seven days. It has been fourteen days today 3 Dec 2012 and still no e-mail, no letter as promised and no phone call. I therefore phoned them myself to be told by Aisling Taylor it takes time to put together and could not give me any answer until a manager looks at my case. Aisling Taylor did however ring me back some 15 mins later to inform me I still had £24300.00 left to pay this would be Grant Thorntons charges included. I have never in my life felt so deflated. I again phoned GT and spoke to Glen (The same Glen I spoke to 14 days ago) who again promissed me he will put it all in writing immediately. I will believe that when I see it. In my opinion we try our uttmost to get out of debt feeling we have made a fantastic achievment in paying all we pay back in to be basicaly kicked in the teeth by these people in it to make as much money as they can.
Hi and welcome to the forum jeffw, your original debt was 38k and they say you have another 24,300 to pay after paying in 41,000? Have I got that right or was it 38,000 planned to be paid into the IVA but the original debt was higher as it's always the original debt we owe until the closure of the IVA x
Be good to get a breakdown in writing to see how the monies have been distributed for you I agree! ##
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Jeffw. Let me get this straight: You owed a total of £38k -- have paid £41k and GT want an extra £24k !
That makes fees of £27k, possibly including statutory interest, which would be in the region of £9k for the three years ( at 8% simple). So fees are around £18k, we'll surmise.
The level of fees should be laid out in your proposal / chairman's report. Usually, these days they are around 15% of realisations, plus nominees fees, so, let's say £5700 + (say) £1750 = £7450
Where have they got the other £10k from ??
Another explanation is that whoever gave you the figures, didn't think about what they were doing and just gave you the monthly payment multiplied by the number of payments left until the end of the term,with no regard to the original debt -- which, to my mind, is more likely.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The numbers don't look right here - and I do think that you need to follow this up with GT's closures team. If Karol is looking in then perhaps she can intervene in an attempt to get you a finalised statement of account which clearly shows you how your money has been collected and distributed.
You should have been recieving annual reports from your IP as well which would have given you regular updates on this position as well.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
Hi Jeffw. Let me get this straight: You owed a total of £38k -- have paid £41k and GT want an extra £24k !
That makes fees of £27k, possibly including statutory interest, which would be in the region of £9k for the three years ( at 8% simple). So fees are around £18k, we'll surmise.
The level of fees should be laid out in your proposal / chairman's report. Usually, these days they are around 15% of realisations, plus nominees fees, so, let's say £5700 + (say) £1750 = £7450
Where have they got the other £10k from ??
Another explanation is that whoever gave you the figures, didn't think about what they were doing and just gave you the monthly payment multiplied by the number of payments left until the end of the term,with no regard to the original debt -- which, to my mind, is more likely.
Hi Foggy,
Yes you do have it right total debt was £38k I have to date paid in £41k I do have the proposal report which does state Total Supervisory Fee £6188.00
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
The numbers don't look right here - and I do think that you need to follow this up with GT's closures team. If Karol is looking in then perhaps she can intervene in an attempt to get you a finalised statement of account which clearly shows you how your money has been collected and distributed.
You should have been recieving annual reports from your IP as well which would have given you regular updates on this position as well.
Hi Mel,
Thanks for your input I have asked Grant Thornton for the last four months for a written statement to see exactly where I was with the IVA. I'm still waiting for it and was yesterday told verbally by Aisling Taylor I still owed £24,300.00
