PAYPLAN,GRANT THORTON and CCCS IVA's.

debt_doctor

PAYPLAN, GRANT THORTON and CCCS IVA's.

Hi all, im interested in your experiences with the above organisations if they have recommended their own IVA as the most appropriate option. Do you feel they where acting in your best interests, or was Bankruptcy clearly a cheaper and more appropriate option ?

In particular were you offered an IVA when you had no assetts, or little equity in a property or fairly low income ?

Did / is the IVA working for you, and are / were the payments affordable.

Cheers folks

DD

bentalls

Not sure if I would qualify to answer this question, as my IVA was originally set up by debtmatters - Grant Thornton are now in charge of it following DMs 'problems'...

Scarlett.1974

Hi DD

As I posted on another thread, this is my experience:

H and I were on a DMP with Payplan and they recommended we should go for an IVA. Now, this was never an option for us for the following reasons:

1. We had NO disposable income, we were in a deficit of several hundred pounds a month.
2. H wasn't working.
3. We had NO equity in our house, we were in massive negative equity in fact and this would not have turned around in the 5 years of the IVA.

So, in conclusion, I would say that they were promoting an IVA for us for THEIR own interests, certainly not for ours

I would urge anyone who has been recommended an IVA to do LOTS of research (Martin's Guide to IVA is a great place to start) and definitely get more than 1 opinion, especially if that sole opinion is Payplan's.

rog2

Hi DD - Grant Thornton are, now, my Trustees, having taken over Robson Rhodes. On their first letter, in the form of a questionaire, they did ask me if I had considered an IVA and did I wish to consider an IVA as an alternative to Bankruptcy - even after I was discharged.

debt_doctor

Scarlett thats quite shocking, but im sure im going to hear more of the same. Rog2, thats just completely mad !!

Thanks folks

DD

rog2

debt_doctor wrote: »

Rog2, thats just completely mad !!

I agree, DD - especially as I had no income.

fermi

rog2 wrote: »

I agree, DD - especially as I had no income.

Very odd.

It's possible and makes sense for the small percentage of people for whom an IVA would have been more suitable, but here I can't see it.:rolleyes:

bentalls

I earn a reasonably good salary, but have NO assets. No house, no other property, nothing but a car on hp. The payments for the IVA were set high, and have proved to be impossible to keep up with, but DM have managed to get their fees in the year that I paid my IVA, so no-one gives a monkeys now. Obviously DM are only interested in what they get out of an IVA, but I am quite sure Grant Thornton will not give a toss either

debt_doctor

Seems like another miss selling bentalls, these tv adverts seem so tempting to people who are vulnerable due to their situation, without being told there is another option.

DD

rog2

fermi wrote: »

Very odd.

It's possible and makes sense for the small percentage of people for whom an IVA would have been more suitable, but here I can't see it.:rolleyes:

In fairness to GT - they 'backed off' when I explained my situation.

I must admit, though, as trustees they seem to be very inefficient - we still haven't finally resolved my BI question - my solicitor is still waiting for details from GT's solicitors, to the extent that we may not meet the deadline, imposed by GT, of the end of April. It is their fault, but my solicitor has had to ask the 'mortgage lender' to extend their offer, which was, initially for six months.

I am NOT impressed with GT.

bentalls

I have yet to hear from GT, all I have had so far is a welcome letter from them... Watch this space!