Hi all
I had an IVA with Money Debt and Credit. I completed it this year around March 2013 whilst still with MDC. I was told at the time I would get completion probably within 4 weeks but definitely within 4 months as 'this was the amount of time it stated in the contract that they had to arrange completion'
I went passed this date angrily and was then informed that GT have taken over and they are no longer held to this agreement.
How can a contract that both parties have agreed too be changed like this? I have paid back the money that was requested and I have given them the amount of time they promised (signed and witnessed) to deal with the completion of my case.
HOW can this change with no explanation? I don't see that any other factors should be relevant. I worked at all times to try and pay this back and whilst getting into debt for that matter, they got everything I had and I survived on very little. I haven't cheated anyone, I have paid what was requested and also my dues. If there is anything coming my way in the future surely that should now be mine?
Since I have had less financial pressure on me after completing my last payment I have changed carer and I am about to undertake new training. I am trying to become a positive contribution to this world and this is seriously holding me back.
Sorry for rant but it feels good to get it out.
My question is really, how can they change a contract that I have fulfilled as requested? Can anyone tell me as I am lost with the whole thing.
For the life of me I don't understand why GT would have wanted to take over cases where the debtor had fully complied and were ready for closure - doesn't make sense unless there were outstanding matters still to be dealt with which your outgoing IP had not been able to deal with. You may be aware that one of the IPs at MD&C tragically died earlier this year, and so it might be possible that things were left to lie over that period.
Do contact GT and ask them to confirm a realistic timescale for the closure of your case, so you have something to work towards and expectations that can be met.
Hi WE NEED ACTION. This is virtually the same scenario as us. We made our last payment in Feb 2013 & were told 4-6 weeks for cc. This came & went so I rang MD&C. They kept changing the timescale every time I rang/e-mailed (must have been at least 6 times) but not ONCE did they even hint that things were being sold to GT. We found out when we received a letter from GT saying they had taken over. We have reluctantly signed the variation forms to allow them to investigate PPI purely because we are fed up of the whole situation & are hoping that by doing this it will speed up our closure. Not holding our breath tho!!!
Hi We Need Action, Have GT sent you the variation letter yet saying they need to investigate PPI..
Only reason I can think of why GT would take on your completed case would be to investigate possible PPI reclaims and take a fee for any reclaimed funds..
I have chased GT about completion dates. I was dealt with very politely on the phone and promised an email back dealing with my case only to be sent a generic one. When I emailed to complain about this I was put into a complaints procedure which will take a
a month before I get a reply.
But still no direct feedback on where my case is.
Also Nick, no they haven't sent me a variations letter mentioning PPI. Although I could understand this especially if it had been done during the course of my IVA isn't it too late to investigate this when I have finished my repayments?
I still don't really understand how (when I have had to stick strictly to the terms of the agreement) they can just change the rules on how long they take to arrange the CC. Especially without giving any explanation.
Hi, the IP can put pressure on you to investigate PPI until you have got your CC, if you sign their variation letter some have said they can chase you after you have your CC under the variation letter terms..
It also depends on what type of IVA you had, all asset or defined asset, as to how PPI handled.
Thanks
I have got a letter from them this morning basically saying that all the time MDC were working on my CC is not relevant. They received it in July and will attempt to get this processed in 6 months.
Re the PPI. If I had gone bankrupt I would have been paid up and finished in half the time, without paying nearly as much money and I suspect able to claim any PPI that i may have been miss sold by the eager lenders that are now my creditors.
Can you tell me how I am so much better off? Other than being able to be a solicitor or business owner? I am not a house owner.
When I took this IVA I was under great financial pressure and not in a great position to make a considered decision. Obviously MDC told me this was the best thing to do. Can you throw any light on that?
Unfortunately if you had gone BR then PPI would have gone straight to the OR and not you, this would even apply after you have finished your BR.
Each persons specific circumstances are different and which route to take is different. Some say that if you have no property / equity and a large debt then it is best to go BR others say that IVA is the best route its up to you to make that decision based on your own circumstances.
MDC may have offered the advice they thought best based on what you told them..
Agree with nickjohn - when you go bankrupt all your assets belong to the OR - including the PPI - and they do not hand back the PPI asset even when the bankruptcy is discharged. Unfortunately most people who have debt issues have increased stress/pressure, but as an adult we still have to make decisions. The way to look at it is - you would have saved vast amounts of interest on the debt and the IVA would have prevented CCJs and continuous default on the accounts
It scares me how many people on here are affected by the GT acquisition of the MD&C business...... this treatment is wholly unfair and very stressful. I am only one of many that have made all payments in full and on time, and will still be in limbo, unable to move my life forward because they will not issue a cc. They didnt believe me when I said no ppi to claim.... grrrrrrrrrr!
The best thing I ever did - at last I'm in control!
Keep shouting and pestering them as sometimes he who shouts loudest gets the results. Totally wrong in my opinion but I've seen it work on the forum. I read the frustration of the ppi issue so many times on the forum and really do feel for you and just hope this is cleared up efficiently for all very soon.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
