Our iva finished on the 1st of this month. I phoned them this morning to ask would I receive a certificate of completion only to be told it and been extended another 7 months becuse we have fallen 1,900 behind. We pay 365.00 a month over 7 months that's 2,555! I refuse to pay them anymore in fees after not doing the job correct and leaving us with a debt. I have complained to the company who just don't want to know. Therefore my direct debit has been deleted. Is there anything we can do? We signed n agreement of 66 months which it has been. Our iva was taken out with accuma then overnight they were taken over by grant Thornton un be known to us. We haven't received any paper work to say its been extended the paper work we hold says the 1.6.13 any advice greatly appreciated.
You need to speak to GT and find out what went wrong. If you have not paid the correct bonuses or overtime the IVA would need to be extended but perhaps they may reduce their fee during the extension if it was a genuine error.
Hi Dawn.83, I am having the same fight with Grant Thornton as you are.
What they are doing is charging you 25% fees where as other firms are the normal 15% fees.
They will make out you agreed to their terms when your IVA was transferred to them.
They currently trying to increase the cap on my finished IVA something im not agreeing to.
Same as i refused a spurilous look into PPI mis-selling by them, they been very slow in answer to how much will they add to the IVA if i allow the variation.
Last edited by viperboyz on Thu Jun 06, 2013 8:26 am, edited 1 time in total.
Time to end of IVA 0 days
Time to end of GT dealing with it...CC recieved after a battle royal !!
Did your IVA stipulate that you had to pay a minimum dividend, Dawn?
It is really interesting to hear all these tales about IPs being able to negotiate higher fees with creditors once an IVA is in place. I would try this if I felt that I had carried out significantly more work than had originally been anticipated, and sometimes creditors are happy to agree, but most often they are not.
Last edited by MelanieGiles on Thu Jun 06, 2013 12:35 am, edited 1 time in total.
My current IVA 15% fees capped at 4.5k, GT fees 25% no upper cap with variation if agreed to.
Somehow i think not i want creditors to get the money not GT.
Time to end of IVA 0 days
Time to end of GT dealing with it...CC recieved after a battle royal !!
I understand your concerns and anger, however my advice is to continue with your payments otherwise you will never receive your completion certificate and there is also a danger your IVA will eventually fail
Regards
Does everyone assumr that we will role over and do whatever is asked of us? We have a right to know where all this additional money is coming from - don't play dead - chase all the account details, get copies of all accounts and communications - you have a right to know exactly what charges are fair and- otherwise they could ask for anything hey want after all without your completetion certificate toy could just be held at ransom - dont be vulnerable stick to your guns why not seek legal advice.
Quote from Mark Allen Head of IVA’s at GT in 2007 when talking about setting up the “IVA Watch Service”..
"As the practice of auditing the systems and procedures of IVA providers develops, more and more companies will want to distinguish themselves from the market, thus putting the focus on the poorer performers to seek improvements in efficiency and operational effectiveness which will ultimately increase the return to the creditors. No firm would be satisfied in being at the bottom of a performance table.”
