Grant Thornton

rowls

Please someone Help !!

I am arranging an IVA with Grant Thornton and near the final stages but I am not getting any feedback/contact from them. I had a creditors meeting on the 26/5/11 and was told to have my phone at the ready as they would call me. Didnt hear anything from them. Bank holiday was a few days later so rang them after this to be told that it had been adjourned due to northern rock not agreeing to the terms. They said they would sort things out and ring me back. No phone call or anything from them. Rang them a couple of hours ago and they said they would call back in a few minutes.... still waiting. In the meantime i have started getting lots of calls and letters from my creditors and dont know what to tell them as i dont really know whats going on. If they continue this way can i pull out and go elsewhere or will i be charged by grant thornton? Unsure what to do next.

Thanks

rowls

Absolutely disgusted with grant thornton. Finally managed to speak to them today to be told that they cannot continue with my iva as northern rock will not agree to it. If they had informed me of this weeks ago i could have sorted out something else. Worried sick now that i have not paid my creditors anything for 3 months as i was advised to do by these people. Got to try and sort out a dmp now if possible. Hopefully i wont be getting any ccjs through the post due to all this. I called time and time again to see what was going on to be told that all would be fine. Gutted

FoggyBrain_2

Northern Rock are renowned for adding conditions ( such as an extra year), but I have always thought they were otherwise agreeable to IVA's. Might I suggest you visit https://www.iva.com and have a word with a couple of the IP firms there (all free) and see what they say.

Did GT say why NR wouldn't agree ??

rowls

Hi foggybrain, I owe northern rock 8,000. Was told by gt that they would not agree unless the iva was over 7 years. It wasnt put to me if i would accept this or not just told that i could not have the iva. They said if i had more debt with other creditors it could have gone through but my highest debt is with northern rock. Ive been put off trying with anyone else now in case i get the same response. Just going to try the dmp route again

FoggyBrain_2

If NR had 75% of your debt value, they can basically say "yay or nay", however, you should have been given the option to agree or decline the 7 years -- this is YOUR IVA, not GT's ! NR normally go for a 6 year IVA at the outset, not heard of them going for 7 right away before. Post up on https://www.iva.co.uk, many IP's post there and can give advice on forum.

What, if you don't mind me asking, is your total debt ?

debtinfo

if they have 26% of the debt they can say yay or nay

How much debt do you have in total rowls, how much would you DMP be each month, how long would it take you to pay it off, If northern rock would not agree to the IVA what makes you think they will agree to a DMP or to stop interest etc

FoggyBrain_2

Yes -- sorry debtinfo -- got my sums A about Face!

rowls

Hi there, My debt is 24k. In the iva the creditors were going to get 66p in the pound. I was on a dmp before. Northern rock were hard to deal with then and were getting nearly the full monthly payment as they would not accept anything less. Maybe this is why they wont go along with the iva as they were going to get all their money back on the dmp?

markl1980

Go and speak to your local Advice UK centre or CAB and they will be able to give you contact details for IVA companies and set up in a DMP. What about bankruptcy or is this not an option for you at all??..
It would be over a lot quicker although without knowing your circumstances I cannot say if it is a good option for you.

rowls

Hi Mark,

There is no way i want to go bankrupt. Grant thornton are passing my details back to payplan so that i can hopefully go back on a dmp. In the meantime i am sure i am going to start getting all the calls from creditors as i was advised not to make payments while i was waiting for the iva to be set up. I cant believe this has happened as i was assured by gt that i would get the iva. Out of 24k i owe northern rock 8k so how come it is only down to them saying no that it didnt go through? I dont even know if the meeting that was supposed to be on 26th may went ahead. Was just informed a week later that it had been adjourned. I would not advise anyone to go with grant thornton after this disaster. They didnt even have the decency to tell me what was going on. It was only after several e mails and phone calls that i managed to get an answer

Payplan_company_representative

Is there any reason why you didn't speak to us about an IVA? If you call your case officer then they will be able to reactivate your DMP for you without any problems.