IVA Companies faliure Closure Rant

Depth_Charge

UpToMyNeckInIt wrote: »

A very fair response, and cannot disagree with you on these last points.

Hi

If I put up on here what I really thought about certain issues then the phone would be ringing within 5 minutes (again:))

Trust me though these things do get raised where appropriate and this will continue, phone calls or not.

Sensible choice in anything has to be the key, with this approach standards have to rise in my opinion and the rubbish gets exposed.

All that said, in its present state the IVA industry can hardly call anybody about anything in my opinion

Just my take guys, despite the heated discussions & debates etc, fair is fair in my book

Duke_of_Northumberland

Hi

Im now down to 6 weeks in this count down. I have just emailed Grant Thornton again but a response is not forthcomming. I will not let this rest and thinking about trying something left field by trying the citizens advice bureau tomorrow. I will also take note and contact the Institute of Chartered Accountants and considering my local MP and every other avenue I can think of.

It might be just me but I intend to make as much noise as I can about this as it is just wrong.

Duke_of_Northumberland

Hi All

Been somewhat busy in work but , after the emailing again I have received 2 documents from Grant Thornton which will take me a little while to read as they are about 15 pagaes in total. Its a pity they Have sent it in pdf format but going to ask on of the IT geeks if it can be converted.
this is an extract of the first document;
I refer to MR ** email of 27 January 2013 addressed to Scott Barnes ( UK CEO) in which he has complained about the time frame associated with the closure of your IVA and to my email of 28 January. I am now in a position to respond and have investigated you complaint as follows;
I am aware that your case was passed to the firms IVA closure on March 2012 upon receipt of your payment of outstanding amounts that you were due under the contractual terms of the IVA.
However, please be aware that the Supervisors ability to close a case and the time frame for doing so has been impacted by the VAT tribunal decision in Paymes Ltd V Commissioners for HM Revenue and customs. This decision essentially requires insolvency practitioners to recover and VAT paid on Nominee and Supervisor fees for the benefit of creditors and accordingly it has impacted the entire IVA industry.
( Well done HRMC so the IP must now try and recover that loss ahh PPI!)
Anyway .. Having regard to guidance issued by his regulator ( the insolvency Practitioners Association, 'IPA') ??? who are they ? are they independent? Are they a legal entity ??
in Jan 2012 in the wake of the tribunal decision , the supervisor took the decision to temporarily suspend the closure of all IVAs pending clarification as to best approach to take in relation to the recovery of any VAT paid . I understand that a number of IVA supervisors have adopted this approach and upon receipt of legal advice ? ( the CEO and directors? ) your supervisor resumed closing cases in April 2012.
Ok so no communication nothing whatsoever!!! even when I emailed them on November not once did they mention this. So now they have to pay tax and dont like it
( director ) I have an idea ! why not delay the IVA closures so we can claim for PPI charging 15% and therefore getting back the free tax revenue we have lost plus have a small percentage on getting out preferred where there’s blame threes a claim company to do the running around for us.
quick points on the IVA PPI thing
They are trying for a formal varation of the IVA with all there debtors and creditors on "Mass" rather than an individual basis ??
So lets pretend I have £3000 in PPI ( Not interested in it as its not mine to have) if they have 30K in cases it round about works out as an addtional 1.5 million on top of the very high fees.
Hell will freeze over before they get another penny Id be happy to contact the creditors and wave my PPI to see that Grant Thornton dont make further money out this.

Good new about the Citizens advice in that they are very interested in this and are aware of the goings on of IVAs and PPIs.

Depth_Charge

Hi Duke of Northumberland

It is absolutely right that the Citizens Advice Bureau's should be looking into issues with IVA's.

The CABs should and have to always remain independent in all matters related to debt advice and indeed everything else for that matter, that is what they are supposed to be about, the twin aims and all that.

Charity debt advice agencies should also always remain independent of creditors.

These are becoming hard times indeed, people have a right to be able to approach a geniune independent advice agency or what else can they do.

IVAs are becoming somewhat of a disaster zone in my opinion, and maybe to some extent, out of control even?

People enter an IVA in good faith to become debt free in a set time. thats what the adverts suggest isnt it? Write off large percentages of your debts, little known goverment legislation, your home is protected, one affordable monthly payment etc.

I remember and still see adverts and comments about CAB waiting times and how people should contact some of these so called other 'free' profit making advice providers as they can see you more or less straight away.

Enquires about problems with IVAs are on the increase at certain CABs I know of, is it widespread is a good question, it has to be in my opinion, just look at the appalling IVA termination figures, not to mention the delude of negative posts all over the internet.

The indications are that things could get much worse before they get better.

What has happened to some of these so called experts on another forum we keep hearing about? they seem to be on a rapid decline or maybe I am missing something.

Profit and debt advice, can never really be truly independent and impartial in my opinion, you only have to look around at whats happening now, dont you?

To be fair, depending on circumstances, IVAs can still be the right, sensible and suitable debt solution though, that has to be said.

Anyway I sincerely hope that things eventually turn out OK for you and others, maybe they will.

Just my opinions and take as always

Duke_of_Northumberland

Just me again and still keeping up the fight ,

Do not bother with the Legal Ombudsman as they can not help and nor do the FSA. The office of fair trading seems to be a better bet who have given me advice about Insolvency Practitioners Association in which to contact me. There is yet another form to fill in but happy to do so until there is a result.

I have again emailed Scott Barnes in the hope of the them doing something. Though do not hold out much hope.

GlamGirlie

Hi Duke. I completed mine with Debt Free Direct in May 2012 and still have no closure/certificate. I have chased many, many times but am either ignored or told they have a backlog due to a recent court case re VAT treatment of fees.

I am assuming my file will be wiped at this rate before any certificate is issued.

Is your file now cleared?

WhatYaThinkin

Help! I'm suffering the same problem with GT. I made last monthly payment Aug 2012, they requested a lump sum May 2013, done and dusted was told 6 weeks for a final review then 6 months till closure docs... Well I ring to chase I'm told that I wasn't put through to closure till Oct 2013 and I won't get docs till Apr 2014. Oh and tough you just have to wait! What can I do I have complained and nothing :-(

UpToMyNeckInIt

WhatYaThinkin wrote: »

Help! I'm suffering the same problem with GT. I made last monthly payment Aug 2012, they requested a lump sum May 2013, done and dusted was told 6 weeks for a final review then 6 months till closure docs... Well I ring to chase I'm told that I wasn't put through to closure till Oct 2013 and I won't get docs till Apr 2014. Oh and tough you just have to wait! What can I do I have complained and nothing :-(

Hi,

Sadly I suspect that you are not alone. GT seem to have one heck of a lot of complaints of this nature just read around the various forums).

I think all you can do is follow the official complaints process (if GT are not forthcoming, there is some useful advice on the insolvency service site on 'how to complain' here:

http://www.bis.gov.uk/insolvency/contact-us/IP-Complaints-Gateway

...and CAB advice here:

http://www.adviceguide.org.uk/wales/debt_w/debt_help_with_debt_e/debt_individual_voluntary_arrangements/debt_problems_with_an_individual_voluntary_arrangement/complaining_about_an_insolvency_practitioner.htm

Just how much difference it makes is anyone's guess though.

Good luck.

WhatYaThinkin

I've sent a letter of complaint via the financial ombudsman. They were really helpful, however they have 8 weeks to reply, then if the complaint isn't resolved the ombudsman process will take me past April. However I shall stick at it nothing ventured nothing gained. So much for it being over after the paying it for 5 years!