Please do not think that we are suggesting that you are not willing to comply with the terms of the IVA, we do not think that at all and I apologise if that is the impression that you have been given.
The original calculation carried out is the correct method and is in line with the IVA protocol terms in which your IVA is based. The calculation showing the equity of the £9,348.61 is based on our old method of calculating equity and after seeking advice we have been advised that this method is incorrect, however on this occasion, we were happy to revert back to this method for you.
I have spoken to the team who have drafted your original proposal and they have advised it was drafted based on a joint arrangement and therefore this obligation is based on the cumulative total of both parties.
As previously advised the only options we have is for you to attempt to re-mortgage and if unsuccessful to then extend the arrangement by 12 months or to vary your arrangement by way of convening a meeting of creditors.
Should you wish to continue with your formal complaint, please do so in writing
Sorry for yet more questions but this has now been received- what can anyone suggest- it seems to me we are getting forced into an extension we should not need, any advice greatly appreciated. I am at a loss at to what to do now.
T
Thank you for your e-mail. Please find attached copies of both proposals.
As you will see, both your proposals stated that payments of £448 for 60 months was to be paid into the arrangement and you have been paying this as one payment every month, not both of you paying that amount. That is because it is an interlocking arrangement, not 2 individual arrangements. Had it been individual then you both would pay that every month. Please also refer to your Statement of Affairs figure that shows the figure for your creditor’s claims. This was noted on both proposals and is an amalgamation of both you and your wife’s debts.
I hope this answers your query. Please do not hesitate to contact me .
I really think that someone at GT does not understand what they are saying - that does not make sense in any shape, form or fashion because that means you would have both been paying £896 - if they could get that from you why would they only have accepted £448?
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Sorry yet more info, I have just been looking at the summary of estimated statement of affairs and it say on it assest pledge matrimonial home.
Total equity
less spouse's 50% share of equity
my equity.
Surely this is enough to clarify what we think to be right?
GT published a long and convoluted complaints procedure ( which I feel is over complicated and impossible to find -- which is cause for complaint on its own) ... I'll dig it out.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
From earlier posts, this is the GT complaints procedure (if it gets as far as complaining to the Regulatory Body (IPA, in this case)the complaint will be against the IP ( who is the member) not the company (who is not):
1 If a client expresses unhappiness with the service provided by this firm, then in the first instance the concerns will be dealt with by the manager responsible for the area that gave rise to the complaint and you will receive a formal response in that regard within one month of the date of this letter. Should we require additional time to investigate the matter, you will of course be advised accordingly.
2 If the matter cannot be resolved by the relevant manager, you can then direct your complaint to my designated senior member of staff Mr Paul Madden at Grant Thornton, Waters Edge, Clarendon Dock, Belfast, BT1 3BH.
3 If you continue to be dissatisfied with my firm's response to your complaint, you can then write to Ms Fiona Beighton - the Head of Quality & Risk Management who deals with any complaints arising from the firm's recovery department - at Grant Thornton UK LLP, 30 Finsbury Square, London, EC2P 2YU.
In the unlikely event that my firm is unable to resolve your complaint you can then complain to my regulatory body – the Insolvency Practitioners Association.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy, we have had no joy with the progressions team who have now suggested we complain to Paul Madden.
Could I just ask your opinion on replies from Gt that I have posted. In your opinion do you think it is worth the complaint?
It is, of course, up to you, but, in your position, I would pursue a complaint. First they gave several versions of the "correct" equity figure and demonstrated a lack of understanding of the procedures at that stage, giving cause to question ongoing decisions.
Many firms use the method we have detailed here, which GT state to be incorrect, according to their advice -- yet seem too willing to roll over and use what they claim to be an incorrect method simply because they have been challenged. If they were so sure they would have stuck to their guns.
The question of the application of equity de minimis figures in interlocking IVA's is suspect. I am sure that I have seen instances where the equity has been divided in interlocking cases.
They have messed up and will naturally try to cover their tracks, so I would want an independent opinion.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy sorry for seeming a bit dim. You mention an independant opinion, will that come as part of the complaints procedure or do I need to seek one from a different source?
Ok I see, will draft them a letter over the weekend.
Do you think I should demand to speak to my IP first or just get on and complain.
I am a little concerned at how long it may take as we only have two payments and dont want to risk iva failing if we are unsuccessful with the complaint then dont have time to attempt re-mortgage before the 60mths are up.
