Hi all, as previously posted we ave been having a battle with GT over the equity clause. Total equity is 9348.61 so we assumed under the 5000 de minimis clause. After much communication and finally an official complaint we today a month later and 3 days before final payment due get letter from GT.
They say that although they appreciate the point we are making it runs contary to the structure of the ivas which were from the outset were sought to pool all assests and liabilities. Similarly it runs contary to the approach that my practice has adopted historically across interlocking ivas. As such this is howvyour creditors accepted the proposals.
Can anyone offer any advice, is this worth taking further or do we accept it and pay the additonal 12mths? We have a relative who will pay the 12 months just to get it ended asap. Is that lkey to be accepted and how long does that process take?
apologies for long post but to say we are fed up is an understatement! ,
You could take this to the IPA, but that could take months to get through the system. A full and final offer would also take 2 or 3 months to get settled.
If GT has historically carried out the equity clause in a similar manner to the way other IP's still do it ( £5k de miminis each) then, surely, THAT is how the creditors would have accepted your proposal i.e. executed in the same manner as those which have gone before.
Once again GT are contradicting themselves.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Interlocking IVA's are essentially designed to reduce admin costs - they cannot make the individuals jointly liable for debts that were not previously entered into together.
Ask them what would happen if you no longer wanted the IVA's to be interlocking.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Thanks Foggy, Lifenoteasy.
It is so frustrating and we are beginning to wonder if the fight is worth as it seems they come up with some nonsense each time.
we just want it over with by whatever is the quickest route. Would like to tackle them again but they seem to have all the answers regardless of what we throw at them.
"Similarly it runs contary to the approach that my practice has adopted historically across interlocking ivas."
That confirms that this is only local to what your IP does and not what may happen across the whole of GT (which is a LLP).
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Thanks lifenoteasy, so what do you think we should do next?
sorry to ask but having not been here before we are finding this very draining and seem to be fighting a loosing battle.
It's too easy for me to suggest anything and in your situation I think that I would be having the same feelings.
I think that you have 3 choices - accept the offer from the relative knowing that it will still take 2-3 months for a F&F to go through and at the same time continue with your complaint OR just do the F&F OR continue with the complaint challenging them on whether they are Protocol compliant or Practice compliant plus also stating that you believe the IVA was missold on the basis that you were not aware that you were each taking liability for each others debts.
As Gt is an LLP you can also complain directly to the Insolvency Service as they have just confirmed that it is possible that 2 people sitting next to each other may be working in entirely different ways.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Hi lifenoteasy, thanks for the advice greatly appreciate it.
We think that we are going to seek some independent advice from a professional source and go from there. Our gut instinct is to continue to complain but we are concerned that it may ben seen as a negative and we obviously dont want any problems with failure at this late stage.
One last thing our final payment is Weds do we then keep the direct debit running or cancel it? If we continue it doesvthe akount come off any full and final we make?
thanks again in advance
Anything that you pay will reduce the f&f offer that you make.
The only difficulty is that if you prove that it should never have had to have been paid it will be hard to get it back.
Damned if you do and damned if you don't - get the advice and then make the decision.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Thanks again lifenoteasy, I see what your saying and yes we dont really want to be loosing nearly £450 a month if we are proved right and cant get it back.
we will take advice and go from there will keep you posted.
Thanks again
I really don't understand their argument, you are bound by the written terms of your "INDIVIDUAL" voluntary agreements. note emphasis on individual !
if they say the equity clause is triggered at £5k per individual then that is what it is, they would IMHO lose a legal challenge over this as you both have less than £5k equity.
from reading this I guess they know this which is why they are not referring to terms of agreements but principals.
you can bet your bottom dollar if you were in breach of a written term they would be quoting it, but you're not, so they can't !!
I would ask then to specifically identify written clause in your "INDIVIUAL" agreements which state they may deviate from the £5k clause, they won't be able to and as such in trying to do so are devoting from the agreed terms, which they can not do.
Personally, Id fight it, they are in effect trying to guilt you to paying more, exhaust their complaints procedure and refer to regulator,they are in effect trying to steal another 12 months payments from you.... You wouldn't hand it over to a mugger, so don't hand it to them either they are trying it on, if this is what they do, then it should be written into their interlocking agreements.
Go for compensation too from the regulator.
[this all assumes your individual written proposals don't support their actions].
PS if they say they have been doing this to all their interlocking iVA'ers then they may have breached the terms of all of those, too, perhaps the regulator would be interested in that too and they may owe a lot of people a lot of money !
PPS You might find that people like martin lewd from moneysaving website may be interest per in your story and the likes of bbc watchdog.
Or maybe they might just settle quietly....
Remind me again why the CAB recommend this firm ?
Last edited by longslog101 on Sun Apr 12, 2015 3:56 pm, edited 1 time in total.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
Hi longshot101 and thank you for your reply. This is exactly what we have been trying in vain to get across to them but as you can see from their response posted earlier they will not budge. The reply is so say from our IP but having never communicated with him who knows,
sorry for silly question but who do we complain to next? New to all this and we guess that is what they are playing on in hoping we accept it and pay up!
thanks in advance.
Just noticed on the 2014 protocol it also shows examples of equity for interlocking IVA's and clearly states the 5k each deminimis no mention of it being a joint amount of 5k.
Inter-locking IVA approved 25th Feb 2013 - F&F offer Accepted 06th July 2017 - Completion Certificate received 20th July 2017
