I kept my proposal and having a read through I note that if my arrangement went beyond 60 months, they (a another IP firm) could charge an additional 1/60th plus vat fee each and every month it continued. Is this a backstop, just in case, or do IP's actually implement this type of clause?
If PPI is not paid in to the IVA would that constitute a breach of trust? I’ve cut out the statute bit as I found it and I’ll work on the assumption it’s a breach. But if it’s something else let me know, I am trying my best.
"Recovery of trust property and breach of trust 6 years"
Say you have a property tied to the trust and cannot get a remortgage at 60 months. Is it that it can only continue for a 12 further months at the agreed dividend, before it’s beyond the reach of creditors, to the statute limit?
By end of year 6 if the PPI has not been paid and it’s a breach of the trust, it has reached the same statute limit? Therefore paid or not paid the IVA ends at six years regardless, just an idea?
I am not sure what point you are actually making Sponge. If you are asking whether a trust ends after six years, then this will depend on the timeline set for the particular trust to remain in existence. In the event of a continuing trust to capture assets which are captured by the IVA terms, then I do not believe there is a set timescale afterwhich the assets revert to the debtor.
I have also been waiting 16 months for closure with GT. Had a call today fron a firm wanting to claim back any missold PPI on my behalf (I received a letter askomg if I wanted to claim bsck in July and I opted out) GT passed on my details , so I rang them and was told I should have my closure letter in Feb next year - I will believe it when I see it! Sometimes thing should've just gone bamkrupt as my neighbour did as he has managed to start living again and has 2 cars and a caravan all on finance!! Like you Mark, I never missed a payment either but my hold up was because GT said I owed more money but then the info for the period they claimed I was underpaying was lost in the changeover from Blair Endersby so I had to resubmit bank statements, payslips etc and as these proved I hadnt had a pay rise my case was finally resubmitted for closure in Sept this year.
I received an email from GT on Friday, which to my dismay said almost exactly the same as an email that I received from them eight months ago. It said all the right things and everything that I wanted to hear, but I've heard it all before.
My main worry now is how long will it take to get it all off my credit file. When I started the IVA they told me five years of payments and then twelve months for the credit file to be cleaned. I hope it is not twelve months from certificate of completion! If so I hold GT fully responsible.
The shambles that is Grant Thornton continue. I have finally received the phone call that I have read so much about. A third party who received my details from Grant Thornton is chasing up PPI claims for me. I have never wanted a PPI claim. The gentleman was VERY insistent and would not listen to what I was telling him. He was told that anything he sent me in the post to sign would have to be surgically removed from his back passage. Probably not the best thing to say, but I made my last payment in June 2011 and have had enough.
I emailed GT to make a complaint and received another email packed with lies and was told that my final distribution to creditors will be made at the end of January. I have been told that numerous times since October 2011.
Experts, what can I do? I have been down every route and still nothing is happening. Is there any form of legal action that can be taken? Is it worth reporting officially to the FSA? The only thing that I have not done is to visit the offices of GT, but I would end up in trouble if I did. It makes it even worse to read the posts on this forum and realise that GT have completely ruined the lives of so many people who have stuck to the rules and completed their IVA's.
I think that the first thing you ought to do is consider using their internatl complaints procedure - to at least try to get them to explain their position fully, and why your case closure has not been addressed at an earlier stage. Any referral to the IPs regulatory body, or an external agency, if eventually necessary, will appear far more credible if the internal procedure has been correctly followed.
Thanks for the advice (again) Melanie. I have tried the internal complaints procedure to no avail, but maybe I'll try it again.
As mentioned on a previous post, GT took over my IVA with two payments left. They were not in a position to make any money from me and the many others who completed at a similar time. They are now obviously stalling to try and squeeze some money out of our cases some how, whether it be awaiting a windfall, claiming PPI for us (not that we'd get a penny!), claiming all funds back from the creditors to redistribute months later so they can receive interest. Its downright disgusting.
If the internal complaints has not worked - and firms have to respond within the set timeline - then sadly you may have no choice but to escalate the matter to the IPs regulatory body, although I would hope that this could be avoided by the firm concerned.
Do beware, however, that if the IP is keeping the case open to puruse potential assets, he is likely to recieve the full support from his regulator for that course of action, but a lack of communication to clients is one area that will concern them.
