No I don't think the effects of the VAT ruling will have that much effect on the insolvency profession, we will simply have to tighten our belts even further, and if creditors will not allow this loss to be passed on, I will want to know which bits of our work they are happy that we do not do.
And anyone who thingks that practitoners who deal with a lot of IVAs are making a lot of monies clearly does not know too much about this profession. I also run a Scottish practice Paul, and have the same views about Scotland. It can only be a matter of time before this VAT ruling extends to PTDs as well.
I've spoken to Grant Thornton today and unsurprisingly I've come off the phone disappointed.
When my final payment was paid (Jul 11) I was told I would have my certificate between three to six months. I was then asked for a final income/expenditure review in August which was 'misplaced' when they received it in June. I was told that I would receive my certificate in time for Christmas. On enquiring on how the case was going in October I was informed that they had not received my income/expenditure details which were sent recorded delivery and received in August according to the Royal Mail. I sent out another copy and got confirmation of receipt along with a promise that I would receive my certificate in January. Funnily enough, come the end of January no certificate and another phone call resulted in a promise that I would receive it in March. It was confirmed that everything was in order financially at the end of October and so the maximum six month 'closure' period would be March. I again received this promise when checking up in February. I called Grant Thornton today to remind them that they had four days left to send out my certificate and low and behold it has been put back again! Although everything was confirmed as correct in October, the disclosure team didn't start working my case until mid December and so now it will be June before I see my certificate - ELEVEN MONTHS after my final payment.
Its a good job that my life can move on without that certificate - oh, wait a minute, it can't!
Apologies for sounding like a moaning git, but after the five life changing years where I have done everything that has been asked of me I just feel like I'm getting messed about. I've upheld my side of the deal but the IP has not.
Unfortunately there has been a problem with HMRC and a VAT issue which has impacted on completion letters going out and although I believe they are now closing, they do have a backlog.
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
I was in a similar position and equally fed up. I've been in contact with Karol from GT and she has confirmed that my distribution will be made next month and my completion certificate issued in May. It will be 10 months since I made my final payment (last July) but the end is in sight. Seriously, get in touch with Karol and don't waste your time with anyone else at GT. I first contacted her less than a month ago and 'hey presto' she has driven it forward for me and it should be all sorted in the next six weeks!
