Letter from Debtmatters saying IVA moved

[baz36]

Received letter today from Debtmatters saying that they have undertaken a strategic review of the business and as a result they will no longer continue to supervise our arrangement, and they have arranged for our case to be transferred to a company called Payplan.

Its says the transfer was approved by the high court on 20th Feb. It says payplan will be writing to us over the next few days to let us have new contact details.

Is this all anything to be concerned about? Does our orginal terms and conditions still apply? our chairman's report etc etc.....

Just a little concerned, are they any good????

[ianmillington]

I can't see you have a problem, Payplan is a reputable firm.

The proposal is the proposal. The new Supervisor will be just as bound by it as your old one was. Just keep making the payments and I'm sure you'll be fine!

Ian

[goulda]

baz36

I received the same letter today

However, last week I received a letter from Grant Thornton/Payplan asking me to sign a letter granting them a variation meeting.

I have written back - refusing to sign the letter and asking the reasons for a varaition meeting. Hope I have done right.

As previously posted the letter was headed Grant Thornton but with Payplans address and no telephone number or e-mail address to respond hence me sending the letter

I do not know if I am over-reacting or I "smell a rat".

Although the IVA was transfered ih the High Court on 20th Feb my monthly payment is still being handled by Debtmatters

Perhaps the experts have an opinion.

[ianmillington]

A variation meeting is, generally, to vary the VA to retrieve a situation which has gone pear-shaped.

If the Supervisor is unilaterally seeking a variation I can really think of only 3 things:

1. The proposal is defective in that it does not provide for certain administrative functions to be performed - I would suggest that is doubtful

2. They are seeking to charge a proportion of the legal costs of the case transfers against your case - I would have expected that to be covered by the Court Order

3. They are seeking an increase in fees.

They may well have a valid reason, but you are right to ask why they seek a variation.

Ian

[sjbyron]

Hi
I got the same letter from DebtMatters today, informing that my IVA has been transfered to Payplan, however my IVA failed 8 months ago. Just goes to show how good their admin side is.

[goulda]

Thanks for the reply Ian, I will keep you informed of any developments

[joh71262]

I got mine today as well. I am to be transferred to Grant Thornton and I am hoping that they will be more efficient than DM - not that they could possibly be much worse. OR could they........


Watch this space [:o)]

[MelanieGiles]

Grant Thornton are an immensly reputable company, and I am sure that you will be in safe hands.

[joh71262]

Hopefully so Melanie !

I have heard of GT before so I'm keeping things crossed.

[MelanieGiles]

They are one of the largest accountancy firms in the world, and their insolvency partners (who I know quite well) are very professional and organised.

[haha]

i got my letter yesterday, but i am concerned as to why someone would wish to take over my case when debt matters has already taken the full fee (8500)from the account, not to mention that after more than 2 years there are still 2 firms that haven't even substantiated there claims.
whilst I'm happy that finally i might receive some form of actual support i also most definitely wont be agreeing to change the terms of my iva unless it's in my favor (they reduce the current agreement)
whilst i wont cast any dispersions on the people who performed most astonishingly fast when setting up the iva (it took 1 month from app to court order) there has been very little done since the first few months of the agreement, apart from 3 letters and 1 phone call to sort out stopping the harrasment from one of the creditors there was nothing unless i initiated it, like i asked for a review after 18 months due to having another child (it was our last chance to have one due to medical constraints) and even then they just upheld the initial payment plan (which we could no longer afford) so um yeah I've been waiting for the failure letter ever since (almost 15 months.
i guess the change of company could actually be a good thing

[ianmillington]

I think you will view it as a good thing.

Ian

[chris.g]

There seems to have been a lot of posts about IVA's being transferred. Couple of questions I have....

Is this common practice to tranfer IVA's?

Is there any risk that an IVA will alter because of the way different firms calculate payments?

Shoot me if I'm wrong but it seems as if it's similar to creditors selling off debts....

[haha]

There seems to have been a lot of posts about IVA's being transferred. Couple of questions I have....

Is this common practice to tranfer IVA's?

Is there any risk that an IVA will alter because of the way different firms calculate payments?

Shot me if I'm wrong but it seems as if it's similar to creditors selling off debts....

lol it's almost identical and yes probably to cover the new firms cost's

[ianmillington]

If any new Supervisor attempted to increase contributions etc because of a different "interpretation" of the proposal from that of it's author, I can see some fun and games! Can't see it happening myself - I can imagine the new Supervisor wanting, so far as is possible, a smooth transition.

Ian