www.iva.co.uk

Hi all

We are two years into a IVA and after the first year we decided that we would lok to sell our house to pay off the IVA and start again as house was not included in IVA. This was at the time that debtmatters transferred IVA book to Grant Thorton. Due to the transfer it took 6 months for GT to put this option to our creditors dueing which time the country went into recession and housing market crashed. Our house is now worth 30,000 less than last year and althoug we still have it up for sale as we want to get out of this with our first child on the way. If we sold at current price we would be £3000 short of figure agreed to pay back.

My view is that the delay with Grant thorton is the main reason behind this and i therefore want them to pick up this and wipe this off the money they plan to receive. This would stil leave them £3000 which to me is still to much for the none service we had during that transfer time. Views would be appreciated.

Thanks

If you had the house on the market all along then the price drop would have occured anyway. However you may still be able to negotiate a full and final with £3,000 less so is well worth speaking to GT about it.

Why don't you discuss your suggestion with them directly in the first instance. Whenever I am doing variations or proposals based on selling assets, I always build in provision for the asset increasing or decreasing in value to the point of sale. You may have this within your proposal, and if so have nothing to worry about.

I think your comment about non-service is a little unfair. They were handed 4,000 cases to review, and to have to wait six months for a specific variation under those circumstances is pretty reasonable.

I have to say that GT have an excellent reputation on here with many posters.

I suggest that you need to speak to them, but personally speaking I think that the the fact that your house is now worth less is not their fault, you are just another victim of the recession.

Thanks for replies and will speak to them as we have no other option. I do disagree that six months in acceptable as this is people lifes we ae dealing with and any company take over / due dilligence would mean that you staff up to level required to give customer service especially when you are be paid £6000 for it.
Cheers

GT have taken over several companies recently, and it will take time for them to sort out the clients they have taken over.

You need to speak to them.

I have just entered into an IVA with Grant Thornton and things were going slower than they estimated. When I phoned them to say it needs to be expediated because of a BR hearing they were on the ball straight away. They also managed to get my IVA through even though there were objections from my main creditors, (it took three days to sort out)

Most of the postings about GT are positive.

I know they got you sorted Kayleigh and we were really pleased for you.

Any takeover of a company is going to take time to sort out.