Grant Thornton

[Grant Thornton]

The issues surrounding Payment Protection Insurance ("PPI") and the treatment of compensation in respect of mis-sold PPI in the context of an IVA are impacting all Supervisors and their clients and have been widely discussed on the forum in recent months.

To address the various issues associated with PPI, we believe that a formal variation to the terms of all IVAs under Grant Thornton's supervision is necessary and is clearly for the benefit of everyone involved in the IVA process.

We have spent some time making sure that the variations we are proposing will allow the Supervisor to close the IVA and deal with PPI separately after closure, thereby mitigating the delay this would otherwise cause. The detailed terms of the proposed variation have been finalised and we expect that clients will begin to receive this correspondence in the next few days.

We thank all our clients for their patience during what has been a very difficult period and look forward to working with them to successfully complete their IVAs.

[TheArtist]

Great news Karol.

[ivoriva]

Sounds promising, and it is nice to have this formally verified. Thanks for the post Karol.

[Foggy]

Thank you Karol. I look forward to a GT envelope dropping through the letterbox (mind you, my PPI has been collected and I still have three years to go) [:D]

[Gareth.hs]

Thanks for the update Karol.
Foggy, was it clear on your GT report that PPI had been reclaimed? I have line on my report stating "Credit Card Refund" but not sure what it could be other than PPI.

[Philip.gc]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Grant Thornton

The issues surrounding Payment Protection Insurance ("PPI") and the treatment of compensation in respect of mis-sold PPI in the context of an IVA are impacting all Supervisors and their clients and have been widely discussed on the forum in recent months.

To address the various issues associated with PPI, we believe that a formal variation to the terms of all IVAs under Grant Thornton's supervision is necessary and is clearly for the benefit of everyone involved in the IVA process.

Hello Karol,

Your statement about GRANT THORNTON making sure that the variations being proposed will allow the Supervisor to close the IVA and deal with PPI separately after closure, thereby mitigating the delay this would otherwise cause, is good news for all GT clients, including myself.

Glad to hear that the detailed terms of the proposed variation have been finalised and that GT expect that their clients will begin to receive this vital correspondence in the next few days.

I will look forward to receiving this encouraging and positive response from GRANT THORNTON shortly. I'm sure it will help to alleviate some of the additional anxiety caused for all GT clients, resulting from delays with IVA closure due to PPI claims.

Regards
Philip


We have spent some time making sure that the variations we are proposing will allow the Supervisor to close the IVA and deal with PPI separately after closure, thereby mitigating the delay this would otherwise cause. The detailed terms of the proposed variation have been finalised and we expect that clients will begin to receive this correspondence in the next few days.

We thank all our clients for their patience during what has been a very difficult period and look forward to working with them to successfully complete their IVAs.

[I am fed up]

Many thanks for the update. Do you have a date for the variation meeting?

[Foggy]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Gareth.hs

Thanks for the update Karol.
Foggy, was it clear on your GT report that PPI had been reclaimed? I have line on my report stating "Credit Card Refund" but not sure what it could be other than PPI.

Gareth --- yes, I had seperate lines: "credit card refund", which I take to be excess charges, and "PPI Refund".

[IVA Victim12345]

But this isn't news, GT have emailed debtors with this excuse already! So what!

1)Where are the details and paperwork some people have them and some people don't. We are now in the 21st Century why not link us in to the pages of information that we need?
2) And Where is the regulatory notice that states this is actually necessary?

This is a cynical and contemptuous attempt to once again put off long term delays. We have posts above by people who are only 3 years into their IVA and have already sorted their PPI, or someone who has only been waiting since August! What about those of us who have been waiting over 13 months, not only 6 months?

3) Why are other debtors even now being issued their CCs despite the PPI fiasco?

4) Do we have to use the GT cronies to chase PPI, or can we use someone else or do it ourselves.

5) Where is the grovelling apology from our IP?

6) Or where is the resignation in disgrace of our personal IP who has clearly treated the debtors with long standing CCs with utter disregard?

7) Where are the offers of compensation for such a disgraceful fiasco?

Where is the explanation that in fact we don't need an expensive variation to the IVA to issue CCs. (We have not only a leading but The leading IP on this forum holding this opinion...)

GT are behind not because of VAT, Tenon, Paymax, Blair Endersley, PPI or any other nonsense but because they are failing in their duties as Insolvency Practitioners.
Not only that but it is clear that they have taken on too much work and bought in books of IVAs that they are not equipped to deal with in a timely fashion. This is sheer incompetence and greed!

Ok we have a standard cut and paste from Karol, probably not her fault and only a fraction better than nothing.

But my final missive is to ask where the personal explanation is from our own IP, Director, or even senior partner from the main board of Grant Thornton.

Are they men or mice?

[IVA Victim12345]

Posted - 12 February 2013 : 20:15:45
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IPs have the ability to do all of those things without the need for expensive variations, so perhaps there is some other reason why it is being suggested to call such meetings?
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Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

Karol,

yes please tell us, what reason exactly?

[herbekj]

If I was victim of having an IVA with GT delayed due to GTs incompentence, rubbish service or whatever else all you wish to is too see that closure closure to move forward.

I doubt people in an IVA being hit by this delay are in a position to take a US style 'Class Action' against GT which you would expect say in the US, rightly or wrongly.

The only positive we can take as forum posters is that anyone who finds this forum would never use that company in a million years but sadly some posters have found themselves forced on them.

That said a change of IP or supervisor has to go to courts. The supervisor changed in my IVA and I was given say 28 days (or somthing like that) to complain to the court.

I wonder what would have happened if a debtor had complained about begin moved to GT and wanted another IP in another firm on a takeover?

[IVA Victim12345]

They are all good points. Our laws are actually pretty good and do have some weight without resorting to class action as in the U.S. We as individuals do have a voice.

As I posted here a while back we as debtors do have some strong rights which include going to court and requesting a change to decisions made by our IPs. Our IPs are also personally liable to compensation due to their neglect or general failure to follow the courts orders. But there are of course a number of legal tricks our IPs can get up to and do. However the main reason they get away with breaching our agreements is that we as debtors do nothing about it and allow them to!

[IVA Victim12345]

Herbekj.
I've just noticed that you made your last payment November 2011 and you received you CC in December. I made my last payment 6 weeks after you and here I am here 13 months later with no certificate. Can you possibly imagine how disgusted me and many others are at still waiting for our CCs?

[Foggy]

One possible reason for the apparent randomization of CC issues could be down to the speed at which the PPI claims were settled. This would not only be down to which claims company was used, but to the speed and robustness of the lenders response, and, of course, to the start date of the action.

[MelanieGiles]

The proposed variations may not just be to deal with PPI and closures, there may be other directions sought which can be rolled into the same process.