Hi just looking for some advice concerning Grant Thornton and IVA completions. As with most people from around 2005, we were offered credit to pay off credit etc and me and my partner although thinking we were responsible fell into the trap. After seeing the Debt Matters ad we got in touch. To cut a long story short they passed it all over to GT half way through the 5 year agreement. We paid every penny agreed and now 5 years after finishing we haven't had completion or release. We were informed that there would be a review to see if we need to re mortgage. We signed various letters and forms etc. We tried to get the mortgaged fixed again during the crunch but could only get interest only, this of course cannot go on much longer (almost 5 years now). We have been told there was some money gained from PPI checks, we filled out more forms and now we have been told we have to find two companies to see if we will be accepted for a re mortgage, either way we need to send either letters of acceptance or rejection. I work full time, my partner is currently not working. Although actively seeking work, he has a medical condition at the moment and has been signed off for a while. We really do not want to get into another mortgage and equally worried about what lender, should we not get a reputable compan, will offer and may end up worse off then when we started almost 10 years ago now. Any advice would be appreciated, the promise of all debts being written off after paying for 5 years needs to be changed on their website, there is no mention of a possible re mortgage. We only found this out after we had paid up after 5 years. It is misleading to think you are totally free after all the payments arranged are paid in full.
Hi Foggy, it says 'Thank you for providing me with the necessary documentation to calculate the amount of equity available in your home. My calculations show that the share of equity available for your creditors is £6,658.23' we haven't had the house valued as we cannot afford the upfront fee but they wanted details of what the house is i.e terrace etc, bedrooms etc. It's not worth a large amount it's an old council end terrace in an ok area although it has it's bad moments. I think I have read somewhere about paying for another 12 months, although it's not ideal, it's better than another large loan to pay. Thank you for your quick reply.
Sheila
Last edited by sheilaswheels02 on Mon Mar 23, 2015 8:46 am, edited 1 time in total.
It sounds like they have done an online valuation, which might, or might not be, accurate.
Have a look around local agents, the papers and rightmove to see what they are selling for in your area --- if you have the £5000 deminimis clause and can prove equity is actually below £5000 and extension might not apply.
GT do have weird and (not so) wonderful ways of arriving at the equity figure and this is the subject of many posts on here recently.
Last edited by Foggy on Mon Mar 23, 2015 9:02 am, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Andy, final payments were almost exactly 5 years ago, I finished mine Feb 2010 and my partner a month later. We were left in limbo for 2 years, no communication not anything till they sent a letter asking for the annual expenditure review. When I told them we had made all the payments that we shouldn't need to do this anymore, they started the review to completion. Another 3 years and we are now at this level.
Foggy, yes I think they did cos when I did one with Zoopla (which they said would be ok) I couldn't print off the paperwork, our printer is out of action. I will do some more might be able to get some help with printing it off at work or soemthing.
Five years ago ?? and they're only just sorting out the equity clause! Surely the valuation should be based on five years ago? Assuming that will be in your favour?
This should have been dealt with and your completion certificate received many years ago in my opinion.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Lesley, yes I think so too, it's dragged on too long now. I won't be getting any credit cards or loans etc when it is all over, learnt our lesson there. But to be in the black and able to at the very least get a simple sim card after a credit check would be nice (yes when 02 started the simple sim for £10 per month we were refused, even though we could afford it). But, happy to pay as you go, no surprises lol.
Zoopla online valuation has come up with a valuation that's 4k above our mortgage total, Foggy. Might have to try and save the money for a correct valuation.
Irrespective you should be complaining - they have fundamentally failed to administer the IVA to your and your creditors detriment.
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.
Who do I complain too? The main thing I find rather ironic is quote 'An IVA (Individual Voluntary Arrangement) is a private legal agreement between you and your creditors, where you pay back what you can realistically afford with the remaining debt being written off by your creditors. Normally lasting five years, the agreement covers all of your unsecured debts, including loans, credit cards, catalogues, store cards, overdrafts etc' reading the account there is no mention of a re mortgage to pay up an existing outstanding amount. 1, we have paid for 5 years and 2, they haven't written the rest of the debts off, just trying to squeeze us into finishing the payments by their methods.
This meant to give you the facts!! http://iva.grant-thornton.co.uk/the-facts, it misses out that one major fact.
Last edited by sheilaswheels02 on Tue Mar 24, 2015 9:08 am, edited 1 time in total.
This is crazy !! I have heard of sloppy handling by GT (and this is why I didn't sign up with them) but this is.... I'm lost for words, I can not comprehend just how bad this appears to be !
If I was you I would write to the CEO direct with a very simple cover letter, not too detailed and ask for the official complaints procedure and if he is willing to oversee the shortcomings in your case or refer you to the Director of customer services who will may be able to as you are unable to find the formal complaint procedure on their site (I cant).
I would also drop in there that you have asked for some advice from the friendly IVA community on iva.co.uk - there is nothing like bad publicity to get things sorted in an expedited fashion !!
If you serviced your IVA as per the requirements of the proposal/agreement and still 5 years on no completion and you paid another 2 years then....blimey shoot me now - I would be gunning for compensation too, the regulator would love this one ! I would also insist that they ensure your credit files have been cleaned up.
Last edited by longslog101 on Tue Mar 24, 2015 10:22 am, 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
In the first instance I agree with Longslog that you should write to GT regarding your concerns and ask them for a written explanation of a) the current position regarding the equity and how they have arrived at their conclusions and b) why there has been such a delay in closing the case. Mention that if their response is not satisfactory then you will consider making a complaint against them. If they do not reasonably respond and deal with your query properly then you can make a complaint via the govenment gateway here:
Hi Longslog, I paid the 5 years but I didn't pay a further 2 years. We waited 2 years for any communication off them after our final payments were made. We didn't choose them either we were passed on by Debt Matters ( who no longer exist I believe). I will have a look at Nationwide, thanks. And try and get through to complaints. I have e-mailed them and made my feelings felt. Their response time last time was very slow.
From earlier posts, this is the GT complaints procedure (if it gets as far as complaining to the Regulatory Body (IPA, in this case)the complaint will be against the IP ( who is the member) not the company (who is not):
1 If a client expresses unhappiness with the service provided by this firm, then in the first instance the concerns will be dealt with by the manager responsible for the area that gave rise to the complaint and you will receive a formal response in that regard within one month of the date of this letter. Should we require additional time to investigate the matter, you will of course be advised accordingly.
2 If the matter cannot be resolved by the relevant manager, you can then direct your complaint to my designated senior member of staff Mr Paul Madden at Grant Thornton, Waters Edge, Clarendon Dock, Belfast, BT1 3BH.
3 If you continue to be dissatisfied with my firm's response to your complaint, you can then write to Ms Fiona Beighton - the Head of Quality & Risk Management who deals with any complaints arising from the firm's recovery department - at Grant Thornton UK LLP, 30 Finsbury Square, London, EC2P 2YU.
In the unlikely event that my firm is unable to resolve your complaint you can then complain to my regulatory body – the Insolvency Practitioners Association.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
