Hi Ralph.

I think Mark made this comment to emphasise his view that an issue surrounding VAT in the industry currently need not hold up case closure. Obviously all other matters will need to have been completed for the cases to be closed.

If you have made a commitment in terms of equity your case may need to be extended if the only means to pay it into the trust deed will be additional monthly contributions.

As often discussed here, mortgage lending for anyone with any kind of credit issues is really tough at the moment. Some people are lucky enough to have friends and family to help out but I appreciate this will be the exception rather than the rule.

Hi Ralph

Good question. Of the cases that needed closing there were 10. 6 were contribution only and closed/discharged on 37 months. 2have a slight extension coz of missed payment and 2extended to repay equity.

Re the equity, I guess that an additional 24 months would be the max, but there is no guidance on this. But doing quarterly dividends and working with the creditors certainly makes things easier.

We have a fab team who specifically chase claims/creditors and they, along with the system in place, allow us to be in a position to close cases as close the the 36 months as possible.

I've always said that if people keep their part of the deal, then we need to keep ours.

Mark

Thanks Mark and TDA,
I think I initially misunderstood your response to the VAT query, thinking that with you all cases were so straight forward being contribution only.
Sounds to me like your firm have a pragmatic approach so long as all involved are playing their part.

Ralph
TDA, do you ever take a breather??

Hello Ralph.

Luckily I get a little help from other members of the site advice team which is why I post as TDA rather than in my own name. I still don't get much of a breather though!

Hi Ralph

A TDA says, getting a mortgage these days is tough, so it may be that your trust deed has to be extended. Hopefully your Trustee will be symapathetic to your case.