Hi just looking for some advice concerning Grant T

[sheilaswheels02]

Latest e-mail from Aperture, I feel they are pushing to make it all our fault that things have failed.

Good Morning Sheila,



Thank you for your email below.



I am sorry that you feel your IVA has not been handled correctly. I can assure you that at each stage of the arrangement the best actions have been taken to try and progress your case.



I wish to confirm that I have reviewed your case notes and cannot see any reference to the company Weightmans. During the collation of your documents in order to calculate the available equity in your property at no stage did you mention this debt in your correspondence. I note from your forum posts that you mention that this could be unsecured. If the debt is unsecured the creditor is bound by the terms of the IVA and the debt would have had no effect of the equity calculation. If the debt with Weightmans is secured then it cannot be included in the IVA. I will need you to provide evidence of when the debt was accrued and confirmation of when the debt was made secured.



If the information above confirms the debt with Weightmans is secured before your IVA was approved then I will also require you to provide a redemption statement for the secured loan in order for the equity calculation to be re-calculated.



I appreciate that you may have mentioned this to your former Supervisor however they have made no reference to this debt in your case notes and as you have never mentioned this to Aperture formally Grant Thornton IVA then I would not have been aware of the debt.



I would like to draw your attention to the modification that was placed on your IVA as per below.



mod states: The debtor’s property is to be professionally valued shortly after the fourth year anniversary of the arrangement, the debtor’s equitable interest is to be realised and paid to the Supervisor before completion of the arrangement. If necessary the arrangement can be extended to allow an equivalent sum to be paid by way of ongoing contributions for a period of up to twelve months.



I wish to confirm that the 12 months in lieu of equity was not offered to you as your payments were not enough to meet the equivalent sum therefore permission needed to be sought from your creditors to request if the IVA could continue.



Unfortunately they rejected this and regrettably the IVA was passed to the failure team and is now currently going through the failure process.



If you can provide the above evidence regarding the secured loan and this reduces the available equity then a new proposal can be drafted and presented to your creditors to see if the IVA can be salvaged.



I have copied the re-mortgage calculation below for your reference.



I await your response.





Valuation of the Property

£ 90,924.00

Less Co-Ownership Scheme's Share of the Property

Less Mortgage Redemption

£ 79,908.45

Less Secured Loan 1



Less Secured Loan 2





Less Selling Costs (3.5%)

£ 3,182.34







Equity Available in the Property

£ 7,833.21

Less Partner's Share of the Property

£ -







Client's Available Equity

£ 7,833.21



85% of the Equitable Interest

£ 6,658.23



I trust this is satisfactory, however should you have any further queries please do not hesitate to contact customer services on 0333 939 7920 or by email at ivacustomerservices@aperture.uk.com



Kind regards

Aisling



Aisling Taylor | Expert Advisor

For Aperture

Water's Edge | Clarendon Dock | Belfast | BT13BH

T (office) +44 0333 939 7920

E ivacustomerservices@aperture.uk.com | W www.apertureiva.com

cid:image001.png@01D16584.6BBB23D0


I don't know when the attached debt was set up, before or after the IVA was in place, this I'm trying to find out. I may be wrong and misunderstood the equity figure I had approx £6,000 in my head. I have mentioned many times to them about Weightmans, they just may not have recorded it on their system but it has been brought to their attention before now. And the forth year valuation, NO one got in touch with us about this, the only time I spoke to anyone from Grant Thornton was the final month of our repayments in the fifth year. No one rang or sent a letter pushing us to get in touch to make arrangements for completion in the fifth year. They can push this as much as they like but we were left alone apart from the income/expenditure annual forms. The only thing we are guilty of is being naive and assuming it was all being dealt with without our need to be on their backs about what is going on.

[sheilaswheels02]

She seems to have been here but I sent this last August which mentions Weightmans



RE: IVA required documents for progression
Sheila Price 06/08/2015
To: IVA.Progression@uk.gt.com


FTAO Gareth W Neill, Ref. 12171889 Re, request for 3 possible re mortgage quotes or refusals.


Dear Gareth and team,

I know it's been a few months since I received your letter asking me to go to the different mortgage companies, to request for a re mortgage. I work nights so sleep during their opening hours and working nights the weeks and months fly by. You informed me of some equity you have discovered or something? but before I do go round asking companies for re mortgages did you see the note I wrote on the forms about Weightmans debt recovery? Back when our IVA was being processed they refused to be paid by the IVA you were setting up and asked to put Steven Jacksons debt amount onto the end of our mortgage. When I queried it with the then Debt Matters, they said it wouldn't be a problem as it was highly unlikely we would have to re mortgage. This was on the phone, not written in a letter. So we agreed that in the event of a re mortgage or sale of house they would get the sum of money required to clear Steven's debt, owed to a bank, of around £4,000. They have on occasion offered sums of money like for example if you pay £3,000 or £2,500 they will write off the debt but 1, we don't have the funds and 2, we were still paying the IVA and wouldn't have had that kind of money to pay them anyway. The last few years we have heard nothing from them but after asking some questions on an IVA forum, it was brought to my attention that they may have been in breach of that request. As they were the only creditiors? is that the right term? which means we got the 75% or more acceptance required to set up the IVA. That they shouldn't have been allowed to add the amount to the mortgage. Is there any way you can investigate it? This could be a potential problem regarding the equity you have found. I might be wasting my time going to mortgage companies.

With regards

Miss Sheila Price

[Foggy]

"I would like to draw your attention to the modification that was placed on your IVA as per below.



mod states: The debtor’s property is to be professionally valued shortly after the fourth year anniversary of the arrangement, the debtor’s equitable interest is to be realised and paid to the Supervisor before completion of the arrangement. If necessary the arrangement can be extended to allow an equivalent sum to be paid by way of ongoing contributions for a period of up to twelve months.



I wish to confirm that the 12 months in lieu of equity was not offered to you as your payments were not enough to meet the equivalent sum therefore permission needed to be sought from your creditors to request if the IVA could continue."

Regarding this mod: Did you know about any modification ? When was this modification made ? Did you agree to this modification ?

Regarding the 12 months --- surely, if they maintain they want the 85% share of equity, they should have come to you to ask if you could have made up this sum over the 12 months NOT merely ASSUMED it couldn't be done without consultation.

[sheilaswheels02]

Exactly Foggy, No we were not asked about any modifications, so we didn't agree to it and no they didn't even ask if we could pay anymore to make up the sum needed. There was no consultation during the five years of payments, only the forms for income/expenditure were ever sent and since due to the lack of communication, we thought everything was fine, we were not concerned. It would have been nice to be able to attend these meetings with the creditors. And be able to have a say.

[sheilaswheels02]

Hi, had a reply with a copy of a report of the Land registry. A charge was placed by HFC Bank on the property in 2007!!! 2 years after the IVA was in full swing. I have been asked to confirm this is the Weightmans debt. Which it is but it's placed under a different name Restons Solicitors. Best of all is this bit,
' If so this restriction should not have been placed on the property as the debt with HFC is bound by the terms of the IVA and they have submitted a claim into the IVA to receive payment.' the cheek of them.

The failure of the IVA has been halted whilst this is dealt with I'm hoping they get slammed with legal action. We have a break through and hopefully get this sorted and completed

[kallis3]

Sounds positive. Fingers crossed for you.

[lifenoteasy]

And anything to do with HFC is dodgy.

[kallis3]

Tell me about them!!! We had horrendous problems with them before the IVA.

[Lisa Thomas]

Best of luck getting this sorted with Aperture.

[sheilaswheels02]

I'm not sure if you mean that in a positive way haha, I'm hoping that we can move to sorting something out. Would be really nice if legal action was taken and we get a payout, enough to give to the creditors to pay them off. I am only dreaming of course but after being told on the phone that they couldn't do anything, all of a sudden they can. But credit to Aisling, thanks for taking up the challenge and investigating.

[kallis3]

Aperture will be fine

[Foggy]

You have done well, getting someone willing to actually look into things. I don't know if any GT staff went over to Aperture, but must say that I found the people I actually dealt with were very helpful and wanted to do a good job -- but got the impression that the company policies and general ethos was working against them.

[sheilaswheels02]

Hi all, well I had a phone call today that I must say nearly had me dancing in the puddles in the rain like Gene Kelly. Aisling rang me and said that she had some good news, after recalculating the equity that might be available in our property, they found that the original figure was a mistake and we have 0 equity in our property. Meaning they are now going to push for full closure and we should have completion within 3-6 months. Wow what a turn around, and, they are looking to get the HFC bank restriction placed on the house, lifted for us as it's not secured, I just have to get a letter linking them to Weightmans so as to close that chapter properly too. But that is an extra bonus if they can do that although the main thing was the IVA. Obviously when we do receive confirmation of completion, I will let you know but for the moment, thanks for reading and the advice given. Aperture seem to have either new determined staff or got their act together since overtaking Grant Thornton, either way, thank you again Aisling. You have been great.

[Shining]

Well, I've just read all this through and I'm so glad you fought and found someone to support your fight - credit to Aisling but also to you for following this through and knowing you were right.

Hoping that completion comes soon and the restriction is lifted.

[Foggy]

Great news Sheila -- well done to Aisling at Aperture for sorting this out.

Come on Aperture -- you have the chance here to get your act together and get back to the top of the heap! Do things as they were intended -- PLAY FAIR -- and, although you will get a slightly smaller return per capita, you will attract more clients and regain some respect in the long run.