I'm delighted to say I finally received my completion certificate from Grant Thornton yesterday, exactly 6 months after my final payment.
Firstly, I'd like to say a big thank you to Karol Wilson for her help in getting this sorted. Karol, please could you also pass on my thanks to your colleague Paul who was extremely helpful in looking at my various suggestions to circum-navigate the Paymex issue, albeit with no success in the end.
I must say though I almost fell off my chair when I read the final report in respect of supervisor remuneration.
As a bit of background, I took out a 5 year IVA with Blair Endersby which was extended to a 6th year as I couldn't release equity. GT acquired the case from BE with about 6 months to go.
So now to the guessing game bit. If I tell you that BE charged a nominee fee of £2,500 and supervisor fees of £4,650 for 5½ years, how much do you think GT managed to extract from the IVA for dealing with the final 6 months?
Last edited by vince666 on Sun Apr 01, 2012 9:01 pm, edited 1 time in total.
Glad you got the letter Vince, so pleased that you are totally debt free now.
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
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
I would imagine that they drew the fees that creditors authorised them to draw Vince! Glad to see that All is Well that Ends Well.
Technically Mel you are correct. They managed to get a variation passed to retrospectively increase the fees across the whole term of the IVA (I was assured by them when I agreed to the new terms that the fee increase would only be applied from the date of their appointment).
The result of this was that approximately 93% of my final year's contributions were swallowed up by GT fees - nice work if you can get it !!
I agree - I would definately love to get deals like that accepted on cases I propose, but I guess we don't know the full story of the difficulties they may have encountered in taking over that portfolio of cases.
I'm just amazed the creditors accepted a variation 6 weeks after I had made my final payment, which in effect said:
"Supervisor fees - the debtor has successfully made all payments required of him and we hold approx £18k in funds which is currently available for distribution as a final dividend to creditors. We seek agreement to apply a retrospective increase to the Supervisor fees such that the entire £18k becomes payable to the Supervisor"
Last edited by vince666 on Tue Apr 03, 2012 6:21 am, edited 1 time in total.
To be honest Vince, the more money the IVA companys manage to get out of the credit card companys and banks with their fees the better!
When you think of all the hassle and stress they put the average man/woman in the street under to get their money back and yet you get the impression they are not bothered how much they get back from people like us in IVA's.
If they were not so bl**dy greedy in the first place they probley could get a lot more back from their creditors.
To be honest once people have got into a IVA i reckon most creditors are just happy to get a little bit back and are prepared to wright of loads and some IVA companys look at this as a chance to make a killing on the fee's they charge.
Me, i dont care what they charge, if they can make a killing out of it with their fee's good luck to them. Im just gonna pay my bit back and then ride out of town!
