Grant Thornton as IP

Charco_2

What did you offer as a full and final?

How much would you have been able to offer as a regular contribution?

notenoughmoney

£6000 I think we still owe £13K
that's the thing we have a nothing left after allowances, I have posted my SOA further down the page

struggler

This thread has been very useful, especially Charco, for whom thanks. I have left all my papers with GT since I started the thread, and can only realistically do a one off F&F. I am interested what % creditors are likely to accept. Using the lump sum like this will force me to seek a new job or else try to live on a very small amount. Entering the IVA will disqualify me from my existing work. Hopefully when I get to see an IP he will discuss my options with a sense of reality.

Charco_2

Notenough - all the best, seems like you're putting forward a reasonable offer, almost 46p in the £ for your remaining debt... perhaps just over 40p when fees are dealt with. Good luck and be sure to come back on to let everyone know how you get on. I'm everyone will be routing for you and perhaps others may learn for your experiences.

Struggler - What do you work at?
There's (supposedly) nothing set in stone about what dividend a creditor will and wont accept... it's a coincidence every time! Generally speaking, they'll accept a smaller dividend in a lump sum proposal because it's quicker etc. All you can do though is put your best foot forward and hope they got out the right side of the bed! Similarly, let us know how you've gotten on... If GT dont run with it, come back and somebody might be able to point you in another direction (or to another IP for a second opinion etc).

Rachel_1112

We went down that road, we had to use our flat to pay off our debt with an IVA using grant thornton, they were very efficient and quick, we now want to buy a house, we don't think this will be possible as we still have the IVA showing on our credit file, this was in 2005, so we are looking at 2011 when it will be removed, by then we may be to old at 55 and 53!!!!

struggler

Rachel, did you do a full& final IVA and if so what % of the debt was accepted

cinders13

i am just finishing iva with GT which started in 2005. i couldn't fault GT in any way at all. they were always very helpful in no matter what i asked. i am just waiting on paperwork "finishing" the iva after a f&f offer being accepted. i was having to pay an extra year due to equity on a house, but a family member lent me money to offer f&f settlement, and now i shall pay them. could not fault GT or CAB who started it all back in oct 2004 - had i not gone down this route i don't think i would have been here today to write this!

notenoughmoney

hi Cinders

what percentage did you have accepted?

Radiantsoul

notenoughmoney wrote: »

our IVA is with Grant Thornton, we have had it for 2 years, my only problems with them are when we ring we never seem to be able to talk to our IP only juniors, and I have realised setting up the iva was less about how much you need to live on and more about the final monthly figure they want to end up with, which is why our IVA is now failing. We too were passed on by CCCS.

I used to work for Grant Thornton.

The juniors do all the work and will know your case inside out. The IPs have hundreds of cases and will not know anything about your case without first speaking to a junior(as you call them!)

The IP is likely to be a senior partner who spends most of their time either involved in marketing or more interesting cases. The IPs do have some involvement in cases, but it is limited to signing letters and reviewing cases once per year. An IP generally charges £300-£400 per hour and it is simply not cost effective to have them spending hours talking to people about payments of a few hundred pounds.

doelani

I have just come across this.

I used GT as IP for IVA also reccommended by CCCS in 2005, always found them very helpful and when we hit a problem once with a payment due to CSA payments not coming through there was no problem , just added the month to end of IVA.

As someone already pointed pointed out you deal with " juniors" never foudn this a problem , always returned calls, always helpful and never felt like my calls were to much bother.

We finished out IVA after 3 years with a F&F but have no complaints about the 3 years we were with them.