www.iva.co.uk

hi all,
I have had my IVA in place for 3.5 years and am coping quite well with it! However,
my iva was with wilson phillips who have now transfered to Grant Thornton. I received a letter asking me to sign to `accept new terms to as they put it "ensure the transfer is as smooth as possible we would like you and your creditors to agree to a variation of the original terms and conditions of your aggangement!)
The worring term is that of releasing equity on year 4. My original IVA did not require an equity release, now Grant Thornton want me to agree to release up to 85% equity or pay the IVA for an extra year if a mortgage could not be attained. The question is...do I have to agree to these new terms when my old agrreement did not require them?
Can I not carry on under the old terms even though the company had transfered to Grant Thornton.
I would be very very grateful for any help in this matter as it is causing me sleepless nights to know the Iva could last for years and years longer than I was led to believe.
Thanks in advance
Dave

Hi Dave. You would be insane to add an extra condition to your IVA at this time and GT must have made a mistake. Ring them and tell them that your property was excluded from your IVA and you are not going to include it now. You have no problem with a new supervisor but you are not prepared to have the terms and conditions changed in your IVA.

You should ring GT immediately rather than worrying about it as you have done everything required of you and the goalposts cannot be shifted at this late stage.

Many thanks for your speedy response! I rang Grant thornton and they said the letter was a standard one sent to everybody transfering, and that the supervisor would know from the original agreement that the property release was not included, so I should sign anyway. However the letter starts by saying "The Iva of me was transferred to the supervision of Grant thornton etc. To enable the IVA to be progressed and concluded to the satisfaction of the creditors, I(the debtor) have proposed a number of variations to the proposal as origionally approved."
Then after the new terms (including the equity release) it asks me to sign and date the document. Surely this would mean they can change the conditions if I signed it?? as I would be agreeing to it
You will be pleased to know that I wont be signing it!! This seems very misleading and any one could be worried or pressured into accepting these new terms!
Dave

Hi,

I would not sign this, it is not a standard letter by the sounds of it otherwise it would just tell you that you have been transfered.

As you said it was not part of the original terms so there is no way I would include it now.

You could try emailing your IP directly rather than the Standard Staff on this link:

http://www.insolvency-service.co.uk/newipsearch.htm

Hi adad67, I've just received my letter from Grant Thornton today re changes to my terms and there was an option to decline the changes! Does yours not have this option?

I certainly wouldn't be signing it without speaking to Grant Thornton first.

I can't believe that GT are claiming that it's a standard letter! I wonder how many people will sign it and get a nasty shock at the end of their IVA?