Equity release - Aperture

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Foggy

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Post by Foggy » Tue May 07, 2019 12:14 pm
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Malcolm.w

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Post by Malcolm.w » Wed May 08, 2019 10:17 am
If memory serves at the time Aperture were recommending Sprout as there was an indirect connection but I am not sure what the current relationship is.

So the loan was in lieu of equity release and I believe Sprout contacted Aperture direct for a consent to variation which they gave within a day or so. ( I was not expecting them to react that quickly but the reason is stated below)

From applying to Sprout, getting approved it took just 5 days for the money to be paid to Aperture so the IVA was effectively closed.

So far, so good! but no it then took Aperture a further five months to issue the closure certificate and as Khallis3 stated a further 3 months before your name is removed from the Insolvency Register but check they do it as I have heard they make a lot of mistakes. https://www.insolvencydirect.bis.gov.uk/eiir/

The delay was caused by the final checks and balances which is fair enough but also through SHL carrying out PPI check's. They probably lost interest when they realised that in my circumstances they would get absolutely nothing.

The other reason of course is that Aperture can hold on to the money and cream a bit more interest before making final distributions to the creditors

Also have a look at the forum on Debt Camel.

So in my case it took 8 months after payment was made before my name was removed from the IR and reading these forums there are a lot of people in worst positions.

When I got the certificate I did not think that 3 years on I would have to go on these forums again and still have to deal with them.

Foggy

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Post by Foggy » Wed May 08, 2019 11:02 am
Apertures 6 month closure timetable is standard, as it was with Grant Thornton before them (same personnel, different brand name). They regard the 6 month admin period built into the term as the usual time, rather than the maximum time.
I was with Aperture come closure and PPI had been already dealt with in-house, yet they still took 6 months to close.
I believe this is, in part, due to their 'compartmentalisation' of the individual IVA processes, where each stage is dealt with by an autonomous department. In many firms a case goes through the process within one administrative group -- so they see completion coming and hit the ground running. In Aperture, thay have a dedicated completions department who only see your file when it is handed to them post final payment, which, in itself, often take a few weeks.
They have to do the same checks and balances as every other firm. PPI, as we know, can be, and often is dealt with after formal completion. Why can some firms manage closure in weeks while Aperture take 6 months ( and sometimes more) ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Malcolm.w

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Post by Malcolm.w » Wed May 08, 2019 11:30 am
Foggy,

Have to received a letter from FDM?

Can you recall the name of the company who carried out PPI checks on GT/Apertures behalf around 2013/14. All I recall is their envelopes had big colourful spots on?

Foggy

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Post by Foggy » Wed May 08, 2019 11:41 am
Wed May 08, 2019 11:30 amMalcolm.w wrote:
Foggy,

Have to received a letter from FDM?

Can you recall the name of the company who carried out PPI checks on GT/Apertures behalf around 2013/14. All I recall is their envelopes had big colourful spots on?
The 'Spotty Letters' (purple I believe!) were what GT / Aperture used to amend terms and conditions on taking on other firms caseloads and to get Deeds of Assignment for PPI (all of which I refused to sign at the time).
The claims firm they used in the early days of PPI were Slater Hayward Law, as far as I recall.
Since my closure in 2014 I have had no further communication from them, but a last ditch letter from the current lot would be no surprise !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Malcolm.w

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Posts: 18
Joined: Sun Aug 14, 2016 2:12 pm

Post by Malcolm.w » Wed May 08, 2019 12:06 pm
Many thanks and if you get a letter you will understand why I am so incensed.
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