Gledhill4911 - I don’t know the specifics of your case I’m afraid so cannot comment on specifics. If you email me directly I will be happy to look into things for you.
On a general note, as I’m sure most will testify, the 12 weeks deadline is frequently not abided by and only recently Lloyds Banking Group have been fined for making payments of claims some 6 months after an offer is made (which could be significantly more that 12 weeks). On top of that, there is a delay of up to 18 months for claims to be heard by the FOS which is why putting procedures in place to take assignment of claims is so important.
If you have recently had a letter from DRSP and have completed your contributions then you are in the finishing straight. Again, if you have any further queries then please feel free to contact me or my staff.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by JPS
Cleardebt are in trouble. Their share price collapsed 70% yesterday as they are delisting from the stock exchange. I wouldn't be surprised if they are swallowed up by a bigger firm in the very near future. If they don't they are likely to go bust.
I should also point out in relation to the post by JPS that ClearDebt is not in any trouble financial or otherwise.
The reason ClearDebt is delisting its AIM quotation from the London Stock Market is partly to save costs and partly as the reason it was listed in the first place was to raise funds to expand. Raising finance has not proved possible due to our small size and we have been caught in a classic chicken and egg situation of – if you get bigger I will invest in you but ClearDebt could not get bigger without attracting finance to do so.
The share price has fallen as a result of this announcement with many investors not wishing to own shares in a company that is no longer listed – and choosing to sell at any price. The underlying business remains sound and the change in share price from before and after the announcement has nothing to do with underlying performance of the business.
In any case, ClearDebt is neither being bought out by a competitor nor are we going “bust”.
Have a great weekend.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by JPS
research it properly Merlin. The share price dropped 70% yesterday.
I had no reason to research it 'properly'. You posted a derogatory statement with no reference or credits, I simply Googled ClearDebt and came up with a result that was well clear of the mark from your statement. Why you chose to hijack this particular thread, other than the high hit rate, to make your beef I don't know. David has made his case and I for one have no reason to doubt his answer or his integrity.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MerlinL14
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by JPS
research it properly Merlin. The share price dropped 70% yesterday.
I had no reason to research it 'properly'. You posted a derogatory statement with no reference or credits, I simply Googled ClearDebt and came up with a result that was well clear of the mark from your statement. Why you chose to hijack this particular thread, other than the high hit rate, to make your beef I don't know. David has made his case and I for one have no reason to doubt his answer or his integrity.
I made a FACTUAL statement about the performance of the share price. If you can't look things up properly that's not my problem
JPS, if you are going to make statements like this, and those you made about GT on another post, it would be helpful if you can back them up otherwise it comes across as scaremongering.
Come on, give the guy a break. I am not familiar with other postings by JPS referring to GT, however his comment relating to the share price was correct at that time. He then offered up his own opinion about a possible takeover.
There was some additional reading with this story and pivotal to the whole PPI debate. Clear Debt addressing reduced EBITDA (-32%) through reduced revenues as a result of lower volume of IVA's. Clearly they are maximizing revenues from existing IVA holders with PPI commission but with that incurred additional contact costs.
It gives another dimension to the debate and understanding of why the PPI claims are so important to them!
I appreciate the comment was right at the time, all I am saying is that it would be helpful to back this up rather than telling someone to research it properly.
I am so glad that I had subscribed to the original post and have been getting email updates all day.
It does go to show how fragile some of the larger organisations can be and many of us have either seen first-hand or at least heard about IVAs being sold on as a particular company has either failed or withdrawn from the IVA market.
That said I do not personally believe that Cleardebt are in financial difficulty as if they were, I would not expect their major shareholder and CEO to be defending their position on a public forum.
You can however see the commercial pressures that this and other firms face with maximising returns and again in my personal opinion to the detriment of many of their customers in an IVA.
I could digress but will instead point out that at least Cleardebt seem willing to publically answer questions unlike some other companies such as GT!
7 years after starting an IVA I finally received a completion certificate from ClearDebt
PPI revenues will play a big part in the future profitability of these Companies, so we shouldn't be too surprised if the customer service element is degraded as a result.
Interesting posts and good to see David explaining the reasons behind the share price fall. You only have to look at the quarterly insolvency figures to see that formal personal insolvency figures are falling and this will impact the industry especially the larger players. PPI claims have been a useful addition to the larger companies income given the reduction in IVA numbers but I think we may see more acquisitions of IVA books in the year ahead.
