www.iva.co.uk

Hi
I'm into the final 6 months of my IVA and recently got a letter from Grant Thornton stating they had taken over the administration of my IVA as th eold company dont do them anymore. GT are not a company I would have opted to sign up with in the fisrst place but there you go and I doubt I can do anything about it!

Anyway they have a new set of terms and conditions they are pressuring me to sign most of which are irrelevant to me as I don't own a property and I've no intention of taking a break so close to the end of my 5 years.

My concern is the PPI situation of which there was no provision for in my original proposal although I'm fully aware that any recovered money needs to be paid into my IVA. I've also received correspondence from one of those companies (EIC) who offer to sort out your claim in return for a large percentage of the recoverable balance, they are apparently working for Grant Thornton.

I've already made my own PPI enquiries so don't need EIC's assistance but what would the situation be concerning the statutory 15% interest?

Grant Thornton have told me that unless I sign up to their terms and conditions I will not receive the stautory 15% and they are being pretty persistand in phoning me almost daily although they wont answer my emails.

Is it correct about the 15%? I'm a little suspicious about GT's motives as I've seen bad press for them on the forum and have not had to have any correspondence or ask questions during the duration of my IVA with the old company (apart from annual reviews).

Any advise would be welcome. Many thanks

Hi -- it's 8% interest which GT are allowing you to retain ( if any is paid over by the creditors).

GT/EIC will be persistent, as the letter they require you to sign gives them the right to PPI which they might not otherwise have, as well as increasing the fees to GT. If you do the leg work yourself and do not sign the new T&C's they will take all of any repayment -- the 8% is a carrot.

At the end of the day PPI will need to be investigated -- or you can ask for a Declaration of No Claim, which GT have been accepting recently. Basically this is a declaration from you that you believe there to be no PPI to claim, and, in the event any turns up, you will not claim it.

Some people have had out and out threats that they will not get a completion certificate if the new T&C's are not agreed to.

Personally, I refused to sign to new terms and I wait to see if I am going to get my certificate.

Hi Foggy, I received a copy of the "Declaration of no claim" but it does not allow for the scenario where you have already made a claim yourself for PPI.. The letter I got said I had never made a claim and never would make a claim, it also went on to say that I was giving GT authority to check my creditors to see if I had made a claim..

As I have already made a claim and put it into the IVA then I could not sign it..

Since receiving the letter GT have confirmed the IVA I have is a defined asset one and covered under their standard 2008 terms and conditions so PPI is not included anyway..

I know people have said that PPi should have been declared at the start and failure to do so is miss declaration but not sure how I could have declared something I knew nothing about. Also I feel that whilst the IVA is supposed to be my proposal at the time of its preparation I had no experience of IVA's and I have no qualifications for preparing them so any omissions are due to the negligent advice given by the IP..

Have decided to sit it out and see what happens further down the
line..

Hi Nick. I disagree with GT's assertion that PPI should have been declared as an asset, as I have mentioned several times elsewhere on here. Using the same logic as you have .. how can a lay person be expected to bring into consideration something that the so-called experts overlooked ! I think they would be on thin ice if they tried to push that arguement.

GT's stance is opinion only not law/legaslly confirmed watch thier variance papers they usually increase fees upto 25% and remove any caps on fees to increase thier income.
Keep at em or they will put you on a back burner.

Thanks guys

I'm inclined to hold out on signing for the last 6 months and apply for a declaration of no claim on the ppi from nat west who are main creditors! Doubt GT will like this!!

Hi Zombiehobbs - welcome to the forum

Be careful you do not jeopardise successful completion of your IVA after coming this far. Any concerns you have speak to GT - hopefully Karol will pick this up and come back to you asap.

Best wishes on the final 6 months and well done on being so close to the finishing line!

Thanks Tina

It would be useful to get a perspective from Karol or someone from GT

I don't think that GT would be prepared to make generic comments about their PPI policy on the forum, as I guess they are looking at each case on the basis of its individual circumstances and merits.

Which firm were you originally with zombiehobbs?

Given the nature / content of the "Spotty Letter", and the volume of people who have received the letter, I get the impression GT are taking more of a shotgun approach to get all their IVA's in line as all asset IVA's as opposed to treating each one individually.

Hi Melanie

I was with Money Debt and Credit everything was very smooth for years with them really disappointed that its getting tricky so near the end

I do feel for you being passed from a firm you have chosen and got to know well, to a bunch of total strangers - but GT are a good firm and I am sure they will try and get things closed up for you as quickly as they can.