The biggest source of stress is being in a worrying situation where you have no control and I understand from ewverything you read about the last take over and what some of you have personally expernenced it is cause for concern but try not to get stressed about an outcome that might not work out that way - it is only going to make you all more worried. This forum is great for sharing experiences, passing on info and supporting each other but make sure you don't end up getting more woried than necessary over this. I'm not saying I wouldnt be worried too if I were in your shoes, I would but hopefully GT have learned things from the last time and will seek to rectify that this time. I know its hard but be patient and try and have a bit of faith the transition will be better than you worry it will be.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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I thought I would probably be in the firing line this afternoon. I am merely trying to offer some thoughts from my own experience, and also a little bit of knowledge I have about the actual transaction. Once the deal is done, I am sure GT will write to all of you to confirm their best intentions moving forward.
Unfortunately, with all insolvency processes there is an element of control removed - and we actually don't make up the rules.
your opinion is greatly respected on this forum I do not see it as putting you in the firing line just it's as an RSM Tenon client it would have been less worrying if at least we were informed of the take over, I am aware you do not have to tell your clients but a bit of reassurance wouldn't have gone amiss
Mel, I could be wrong, but, without revealing commercially sensitive information, I imagine that you'd be the first to put your clients mind's at ease if you decided to sell them on.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You would have to balance the commercial judgement needed to affect a business sale, against doing the very right thing by your clients. I would make sure that if I were ever going to sell my cases, that my clients were the first to know and that they understood the reasons for the sale - but I don;t think you could notify clients before the agreement had been reached.
I am fortunate to not be AIM listed or a plc, and therefore the decisions I make are mine alone. Companies who rely on external forms of finance have to make declarations to the City and their shareholders in a much more overt manner, so you cannot realy compare the way I would do things with the way others would like to do or have to do.
I really do worry for any ex Tenon clients who are coming to the end of their arrangement - I just hope GT make a better job of this handover than they did of the BE one.
What slightly puzzles me is why GT are so acquisitive in this marketplace when other IPs such as Mel complain of ever reducing fees.
When GT took over my case from BE they managed to pass a retrospective increase in fees from 20% (capped) to 25% uncapped of all realisations, so they seem to be doing very nicely indeed.
Mind you, I don't think the Tenon disposal had anything to do with lack of profitability - they are just desperate for cash as their huge loan/overdraft facility with Lloyds is up for renewal at the end of October. (they even downgraded their AIM listing status recently so they didn't need to seek shareholder approval for the sale to GT)
I just hope they can not change any details from tenon policy. ie increaseas , i have only four payments left and are paying over £700 per month as it is and are still awaiting my final year renewal
Never regret what you done in life, regret what you have not done,
final payment made
NOW THE WAIT
