Grant Thornton

FoggyBrain_2

Lizzy --- doesn't sound right that NR are rejecting 66p / £ dividends. Are they tightening up ??

rowls

Grant thornton were recommended to me by somebody who said they were very good. I have been back in touch with payplan who are waiting for paperwork back from gt. I have totally been put off the idea of an iva for now. Will carry on with dmp for now and hopefully my situation will improve over the next couple of years and i can get on with paying off my debts. A bit worried though as i didnt pay my creditors for 2 months.

Penelope_Penguin

rowls wrote: »

Out of 24k i owe northern rock 8k so how come it is only down to them saying no that it didnt go through?

Because 75% (IIRC ) of the creditors, by value have to vote in favour for an IVA to be approved. NR hold 33% of your debt, so if they vote "no", then the 75% in favour cannot be achieved. Hope that makes sense

diddly74

My husband and I originally talked to Grant Thornton about an IVA for our debts. They put all the paperwork together and kept pushing for it when it was turned down by the creditors. Which confused us greatly.

When we actually looked properly at the proposals they were putting forward, with help from the CCCS, due to the disposable money we had available and the extra their fees put on top of the debt payment creditors were only getting 12p back per £1000. Grant Thornton, as Overseers of the IVA would ensure that they got their money before anyone else got anything.

We have been declared bankrupt, and have come out the otherside. WE are both discharged now and starting to put our lives back together without the pressure of debt and stupid decisions that we made in our teens.

I would discuss/get someone else to look over the proposal before you give up, at least you will have some feedback and understanding.

Payplan_company_representative

FoggyBrain wrote: »

Lizzy --- doesn't sound right that NR are rejecting 66p / £ dividends. Are they tightening up ??

Without knowing the details of rowls proposals it is hard to say to be honest. NR, like most creditors, will vote of a case by case basis. This probably should have been explained a little more so that rowl understood the exact reason.

I don't think you should be put off completely, if it is something you want to do you case officer will more than happily look it over for you and give you some answers.

Don't worry too much about your creditors, if you get any calls or letters from your creditors, just tell them that you will be paying into your DMP again and they should be ok with this.

rowls

Hi there again, Just wanted to say i have recieved an e mail from grant thornton to say the reason northern rock refused my iva is because they want me to continue with the dmp where they know they will recieve 100% of their money. Oh well, hope this may be useful for anyone else that has debt with northern rock

FoggyBrain_2

Hi again rowls ... go back to GT and tell them to advise NR that you intend to file for bankruptcy (assuming you have no equity in your property to protect) ... you don't actually need to go through with it, just have circumstances that will make them think you will. So then they have the choice of 66p in the pound in an IVA, or less in BR ( a payment order runs for three years, so, compared to a 6 year IVA they can expect half).