Since my previous post (23/06/11) I have tried to contact Grant Thornton and have still not been able to speak to anybody! Absolutely disgraceful! I have been trying to get in touch with them on a daily basis for nearly five weeks now.
I have made my final payment and have cancelled my Standing Order(I wouldn't set up a DD as I didn't want them to take more than what was agreed!) and the only thing I have had through the post is an annual report from Grant Thornton, which differs to the one I received from Blair Endersby several weeks ago.
Thanks to everyone for the info and good luck to everyone else.
THey are closed yesterday and today ( bank holiday in Ireland I presume) and reopen tomorrow as I am waiting a variation from them but spoke to someone on Thursday last week.
ITS OVER WE ARE FINALLY DEBT FREE, CERTIFICATE ARRIVED
You might find you get some answers that way. Just make sure that you keep paperwork relevant to both firms if there are any problems.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Not new to the forum but have lost my contact details and so set up again!!
I also have moved from BE to GT and have been 'made' to pay 61 months. The reason I was given was because the first payment was for the IVA set up costs and was not part of the payments which went into the estate.
Another issue I have with them is that they are challenging previously accepted Income & Expenditure reviews which had been agreed and signed off by BE. Cut a long story short they are/have completed a five year review and are asking for additional funds. All ver depressing, does this seem fair/right?
Is there any reason why they are challenging this? Have they explained themselves?
Personally speaking, I would have thought that any previously agreed I&E would have been ok.
I would certainly query it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It was all a bit 'cloak and dagger'. When I did manage to get through they said it was normal practice for those coming over from BE, as they were finding lots of issues/had concerns over the inherited BE internal systems/practices.
I'll update everyone when I hear back as I'm sure it could potentially effect others.
Incidentally, has anyone heard about the Paymex case BE won in the Courts. Basically, they have charged VAT on their supervior fees etc (charged to the Estate), which reduces the overall money going to the creditors (as the costs are 20% higher than without VAT). However, in winning the case the Court confirmed that their fees should have been VAT free i.e. more of the money we pay into the estate should go to the creditors and not to cover VAT incorrectly charged. It will be interesting to see if BE pass it over or try to keep it (as I beleive they can go back 4 years) and also how that will effect estimated outcomes scenarios etc.
Hi Nearly Happy, I too was with BE and am with GT now, waiting a variation meeting early August for a full and final I have a large amount of VAT in my charges, where did you read about it, might be useful for me.
Many Thanks
ITS OVER WE ARE FINALLY DEBT FREE, CERTIFICATE ARRIVED
There has been a VAT Tribunal decision which now affects all IPs. The outcome is no clear yet, and it will be some time before the effects are known and agreed. It is unlikely to affect individual debtors, and more likely that creditors will see the benefit of VAT refunds coming back to estates - but the jury is yet out!
Just googled it. So you could be in for a little windfall Mel,or will anything you have paid VAT for over the last 4 years be required to go to creditors?? b***** hell its complicated stuff!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
There will certainly be no windfall for insolvency practitioners generally, this is going to cost us all a considerable amount of money moving forward in an arena which is extremely tight when it comes to our fees. I suspect that some firms may actually decide that they cannot operate viably in this area moving forward.
I will not comment further on the case here, as we are seeking our own professional advice and discussing with other industry colleagues, our regulators and creditor representatives. There is much speculation out there at present and I don't want to fuel the fire, preferring to wait the decision of HMRC and then react accordingly.
Sorry, seem to have opened a can of worms here! On my limited understanding of it, the Insolvceny Board (R3???) have suggested the VAT would go to the Estate and therefore back to the creditors. i also doubt a refund to 'us' would happen but overall won't it increase the 1p's in the £ that the creditors get back and therefore inporve the overall position? Maybe more useful for those taking out new IVAs....
Hi Nearly Happy. No worries on the can of worms issue. Cans are there to be opened, and as long as we discuss it like adults and respect all viewpoints, no harm done.
Like you, I imagine the prospective increase in dividend will make IVA's more attractive to creditors. Not sure of the overall effect on IP's though ... my understanding of VAT can be written in 72 point print on the back of a postage stamp!.... but I assume the VAT garnered by IP's is passed on to HMRC anyway, so there will be no net gain or loss to the companies.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014