www.iva.co.uk

Following recent forum postings regarding the Grant Thornton closure process, I would like to take the opportunity to set out our position and, in doing so, answer the issues which have been raised.

Every IVA is unique and as such the closure of each case must be viewed individually. Most of our IVA proposals contain a period of six months to deal with any final administration and issue the final certificate. While we strive to complete cases within this period there are a number of reasons why a closure may exceed the typical timeframe.

All IVA cases in England, Wales and Northern Ireland were impacted following the VAT Tribunal decision which ruled IVA costs be exempt from VAT. This led to the temporary suspension of IVA closures. A backlog of cases has inevitably occurred which is being dealt with as quickly as possible. An issue which we have increasingly come across affecting arrangements (typically those previously administered by other companies – DebtMatters, Accuma, Wilson Phillips and Blair Endersby)) is the un-equalised dividend distributions to creditors. This has to be remedied by requesting a refund of the overpayment from each of the creditors concerned; unfortunately, as you can no doubt imagine this can be a time consuming process.
Your views are important to us; we have been listening to your comments and as a direct result are happy to announce some key improvements to our closure process. These will focus on communication and visibility - in the coming weeks, you should feel the effect of these changes, which include:

•providing information about the closure process, what’s involved at each stage and the typical timeframes;
•individual case updates; letting you know when your case has reached key milestones in the process;
•if we encounter any problems, we will tell you about the issues and keep you updated with the progress for a resolution;
•changes to our telephone lines to give you a direct link to the closure team who can offer accurate and comprehensive information about the closure process;
•for those who prefer electronic communication, a dedicated email address for your closure queries - iva.closures@uk.gt.com;
•additional resource to address the backlog and ensure that no one has to wait longer than necessary for the closure of their arrangement.

Our foremost aim is to ensure the correct and compliant closure of your IVA offering you confidence and peace of mind that your arrangement is fully resolved and satisfied.

Thank you for your continued cooperation and patience while we address the above issues.

I will communicate the new contact details shortly, however in the interim we are happy to answer any queries you have via the Customer Services phone number 0844 855 2166

Thank you for that Karol - hopefully that will help GT customers.

Thank you for the helpful information Karol. I am sure your clients will be pleased to know that you are taking these issues seriously and are working, also, on communicating issues. I think one of the biggest problems ( and not confined to GT) has been that of communication. If we are kept informed we are more likely to understand and be patient.

Great post Karol and hopefully this will reassure those that have raised concerns. I bet you can't wait for things to get back to normal either!

Why is 6 months a minimum timeframe? Other IP's close in far less time, are the IVA's they are supervising different?

Thank you Karol, that is a brilliant post and has restored my faith, it is a pity the communication has not been forthcoming earlier, when an awful lot of us have been in the dark for months and still stressed about the whole issue. It has been a long hard 5/6 years and this is great news. I had an email update today which was really good 1 a month would be fine I am sure even if it says you are nowhere near completion at least it shows you are taking a bit of notice. I have got over my rant yesterday, now I know it is imminent, but the odd email even pinged off to a whole load of people would be a comfort in the still dark days after payments have been finished. I realise GT have taken on a whole load of other companies and the service I received last year was second to non, but this year it has been difficult to ring during the day and email is brilliant I am sure for many others as well. A very big thank you from me.

Hi all,

Just read Karol's post it's definately what was needed for us GT clients, who have been waiting patiently for an update. Saves keep checking emails & waiting for the phone to ring.
Having an email address direct to the closures department is a certain benefit. Also the additional resources to assist with the back log is most definately welcomed.
Thank you Karol!!

Vixster

great post and i am pleased that everyone who has been talking about issues will now be a little clearer for all concerned. i my self have had some good feed back on my case and now after that chat and the information that is giving by Karol has made my mind not worry as much as i was.i just hope it all works out and GT do get back on track with closures for all us GT IVA customers.

thanks Karol.

matt

Thanks karol - that makes things clearer for your customers.

Hope things settle down for you soon as you are taking a lot of flak for your company!!

As an IP who has taken over portfolios of IVAs from other IPs in the past - albeit not on the scale that GT have had to deal with over the last couple of years - I can confirm that this it is not easy to integrate two different systems into one and of course you do inherit a lot of problems simply in handover which can cause delays in being able to firstly get the cases under supervisory control, and ultimately to close them off.

Karol's very helpful post shows that GT are taking these matters seriously, and I know the partners are very concerned at the negative comments received from a few clients and have been keen to position a global response, albeit each case may well have its own set of difficulties to deal with - the one size never fits all in the world of insolvency.

I know Karol quite well, and she does a stirling job heading up the Customer Services team for GT. She has said what her team will be doing to deal with the current backlog of closures, and I now personally feel that she and her team ought to be left to that job - and that any ongoing criticism from clients should be directed to that team directly. As you can see some positive changes have been made to deal with the issues clients have raised.

Hear Hear, Mel.

Finally a statement letting us know what's going on!
Thank you Karol for all the info. It would have helped me a lot if I had this info a few months ago but at least it'll help GT clients now [:)]

I contacted GT Customer Services by telephone earlier this week following a shocking respose to an email I sent asking on an update to receiving my Completion Certificate. The email read as follows:

"I am writing to advise your IVA was identified for closure on 17 January 2012 following our Final review of Income and Expenditure, Assets, contributions etc.

The process of completion typically takes 6 months to complete from this date."

When I spoke to Brian on the phone I was told that he did not know why it had taken 5 months for my file to reach the Closure Team. My final payment was made at the end of August 2011 and the Income and Expenditure review was done in September.
He could not explain why it would take nearly 11 months for me to receive my Completion Certificate after my final Payment.
I am sure there are many other people out there who weren't informed of this procedure and to be fair I have understood that GT are under pressure to close alot of cases but this is rediculous.

I appreciate Karol's post on the forum but it doesn't mention what I was told in the email.

6 months from the date it REACHES the Closure Team NOT 6 months from your last payment.

Sorry I am not complaining per sey but come on GT can we have an "Idiots Guide to IVA's" please?
We are all counting on you guys to get us through this minefield.

Thanks

Hi Flossie,

I do agree!!

The lack of communication from GT has got everyone's blood boiling. Hence a lot of negative posts on the forum for GT.

Karol's post above sounds as if they are taking the closure of cases very seriously. It's what was needed.

Let's hope as & when the points in Karol's post have been actioned, the ball will start rolling faster. The additional resources to assist with the backlog can only help matters.

Having direct contact with the closures department will allow us to get the answers we need, & give Karol & her team some relief.

Maybe we will get our answers soon Flossie. Fingers & (legs) crossed.

Thanks for the post again Karol.

Vixster

Thanks Karol. That sounds just the job.