had the most devastating phone call from my IP

[andrewl]

Ok,
a brief description. I work nearly 35 miles from home, I use the car as the job is 24/7 shift work based and it works out that I use it as I cover 14 to 16, 12 hour shifts a month (depending on the amount of weeks in the month of course. We have an old banger, which used to be my car solely when I taught, this is used locally in between shifts so my wife can get to work/run the kids to school/club etc. I use the old banger when I'm on my days off or sleeping off nights. So my wife gets a crack at using the car as well. However, because the car is lease hire (PPP) we are limited to 10k miles p.a so at some point I have to use the old banger to get myself to work. This does work out but it's not ideal due to reliabilty of the car. This has been explained to the creditors by Synergi and have presented this as the finance IS actually paid by my wife from her account all £225, that's how she wanted it when we got it. My earnings are a basic plus shift allowance, if my company decide to put me on days I lose £8.5k so its 30k + shift and believe me the hours are inconvenient and unsociable, but its a job after all. The problem we are having now is that the old car cost a small fortune recently as it started to play up, the garage say it is on its last legs, so we will be down to catching buses and trains (if they exist, because we live in an area like a 'sahara desert' of public transport) which will be more expensive than running the second car. Of course if I can't get to work I lose the job.

[MelanieGiles]

Hi andrew

I just don't think that this was presented properly for you. Just because the payment comes out of your wife's account, and even if her name is on the lease hire agreement, doesn't mean that you should not pay a proportionate amount towards those costs.

Your explanation is fully justified, and I am sure that KPMG will give you another chance to convey these points. Speak to Paul Gisborne directly - as sometimes it is good for the creditor representatives to deal with IVA applicants on a direct basis.

As ever, don't forget to let us know how you get on!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[andrewl]

OK, phoned Paul - "...why aren't Synergi ringing me?.." he stated. He wouldn't discuss the case fully over the phone but was slightly concerned that Synergi had said that the IVA wouldn't work at all, he thought it wasn't 'dead in the water' but could trim the expenses down. He wouldn't admit either way that there was a 100% premium though and went quiet when I quizzed him. The thing that really upset me was the way that my wife only contributes £8 a month from her £308 wages! I argued that not only does our money get thrown in to one pot, her skills as a mother and wife cannot be quantified in mere monetry terms but if you want to talk value for money - she probably had contributed at least £300 a week in childcare/cook/cleaner/partner over the years. As that what it costs when you hit full time employment these days. In fact I would go so far as to say he was a bit clinical about the way my wife contributes, period. Your wife should just go out and earn more money...." make whatever you like of that, but it was below the belt.

Who are these people? He certainly was very touchy at first and then after I explained why the debt happened did he warm ever so slightly. This has disheartened us moderately as he had felt the dealings with Synergi in the past to be relatively ok!

I have to get a letter/document of how he broke the expenses down from Synergi as they clearly haven't done their homework and told me the whole picture. Paul was amazed that a client had rung him rather than the IP and it seemed that he didn't really want to talk directly to me as I was paying Synergi to do the job!! I nearly cried with laughter.

You could knock me over with a feather right now!

[coco]

Hi Andrew,

Today i sent a letter of complaint to my IP at synergi, stating that due to their incompetance i am now facing BR i have yet to receive a reply.

51 payments to go
(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk

[scaredkez]

good on you both, maybe kmpg will see their incompetence (synergies that is) when it takes the client to phone rather than the ip, and good on you coco for complaining to synergi, if you have no joy then next step should be the IPA.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[andrewl]

Nice move Coco, it has to be done. I thought that after this legislation was brought in some 21 years ago that they would have sorted out the whole position and ousted unsuitable IP's. I know the IPA regulate it, but I wonder how long it takes before they take action against one of its members?

Interesting morning, but nowhere nearer to the end.

Andrew

[MelanieGiles]

Guys

I really don't think it is KPMG who have been incompetant here! This proposal was not presented properly, and that is why they are being awkward.

Andrew - go through those household budget figures again to see if you can afford to increase your offer - and then I would suggest that you speak to Paul again with a counter offer. You might find you irritate him so much over the next couple of days that he just gives in!!! Trust me he is a good guy most of the time.



Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[ivamole]

Synergi Partners Ltd are owned by a plc called Debts.co.uk who also own The Debt Counsellors and DebtsUK (which acts as a dodgy advertising link)and Debtcare.

Synergi also seem to be launching another insolvency practice called Capital Insolvency Services headed by one of their existing IPs. So watch out for that company.

Debts.co.uk issued a trading statement to shareholders at the end of January and I'll paste it here without comment :

"Debts.co.uk is proud of its historic record of paying around 42% to creditors which the Directors believe to be at the high end of the level of recovery and well above the benchmarks being suggested. Similarly, current records show in excess of 90% of our cases completing. In the light of the current debate regarding dissatisfaction among creditors, we believe our performance will help us to continue to work in accord with creditors. We have furthermore always put great emphasis on ensuring that our advertising is fully realistic and not liable to the type of criticism and complaint being voiced more recently by certain parties.

We fully support the attempts to bring greater regulation and a transparent framework into the IVA industry which we believe will work to the advantage of companies such as Debts.co.uk who already practice to the highest standards."

[andrewl]

OK Melanie, I will hassle Paul - getting good at that! I don't think the others or myself were actually getting at KPMG though, we are upset with Synergi who seem unstoppable at the moment. Paul did say that I had to go through Synergi as they are charging me and he is right - but I don't believe or trust them now. I wonder, if I negotiate the IVA myself whether I can use this to argue against Synergi's lack of professionalism and riduculous charges?
Oh, they didn't ring me to tell me the outcome of the IVA by the way...I will call tomorrow and moan some more! Do you think this is wrong that I am starting to enjoy tearing strips of these poor hapless individuals at Synergi?

Keep smiling everybody...they can't take your soul - not even a percentage!!

Andrew

[ivamole]

Having posted that extract from their trading statement, I think it's worth saying that the emphasis on obtaining the best deal for creditors is not what insolvency practitioners should be about.

IPs act as officers of the court in IVAs and they are supposed to act as honest broker between debtor and creditor. It is the business of debt collectors to achieve the highest possible return to creditors. It is not an IP's job.

According to case law, an IP is supposed to exercise their 'expert professional judgement' in recommending an IVA that will work and that will give a better return to creditors than bankruptcy. There's no point recommending a 42p dividend if that guarantees the IVA will fail. Every case is different and should be judged on its merits.

It is always a judgement call and creditors will try to squeeze for a better dividend but it seems that Synergi - who were processing 150+ IVAs per month even before the plc flotation - start with the wrong priorities (in order to please shareholders) and then seem to make it worse with mis-selling and incompetence.

It's the basic problem with the IVA factories. You can't run personal insolvencies according to fixed sales targets. That's why insolvency practices were traditionally professional partnerhips (or LLPs) not plc(s) tryin to please shareholders.

I know that none of this helps with the appalling problems that have been posted here but I do hope that these background thoughts and information are helpful.

[MelanieGiles]

Andrew

I think that if you feel disatisfied with any form of service you have a right to bring that to the attention of the provider to give them the opportunity to put things right.

If this does not work, then you have the option of making a formal complaint, which may well be justified. You could also try speaking to the creditors directly - and cut out Synergi and KPMG altogether - BECAUSE YOU ARE TRYING TO PAY THEM SOME MONEY BACK TO THE BEST OF YOUR ABILITY!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[andrewl]

Thanks for that ivamole, I've copied your posting and printed it out and if you don't mind, I would like to quote from some of it - only the good stuff!. This is useful ammunition for tomorrow when I speak with them. This rather unfortunate boast could get them some problems as their literature states a caring and best interests scenario for the client. They can't surely bat for both sides, that has to be morally and professionally wrong, doesn't it? Thanks for the push Melanie, you are a pillar right now, even though things look bleak we have actually cheered up a bit. Yes, I'll do what you suggest and will ring Paul to make an offer after speaking with Synergi. It's going to be an expensive day on the phone!


Andrew

[scaredkez]

i would just like to add on the letters i have from synergi they changed their name from capital insolvency services in feb 2006 according to my paperwork.
andrew if they aren't giving you any money back ask for a list of charges to date as i did,you won't believe it when you see it cost me £65 for the phone call to tell me that the iva had been rejected, do feel like i am repeating myself, i am so angry with this comapny and at my own stupidity, i am normally more on the ball than this but was desperate at the time and thoutht they could truly help
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[ivamole]

Andrew, I'm pleased if anything I've posted is helpful but I would also follow Melanie's advice and try to talk to creditors yourself. Be honest and say that you're not being helped by Synergi.

One thing that is often forgotten is that in our society money and property has become everything and the possibility of losing 'stuff' is the biggest threat that anyone can hold over you. But when you have nothing you can't be beaten any more so, in a strange way, you're almost freed to stand up and fight for what's right.

I have spent over two years fighting my IP and my case finally makes it to the High Court this year. It should set some important precedents about the conduct of IVAs and IPs but it has been a hard struggle.

But I'll get there. We'll all get there. Just don't let the bastards grind you down ! I wish you the very best of luck.

[MelanieGiles]

Hi IVAmole

Is there anything you can tell us here about your own case.

I will absolutely praise anything that gets rid of malpractice within my profession. An insolvency licence is one of the hardest bits of paper to get - and should be treated with respect by those who are priviledged to be able to hold one.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk