Money Advisor UpdateSummer Edition 2012

We have just wrapped up our Grant Thornton Spring Training Seminars, which were a fabulous success with over 2,000 attendees across twenty-six venues. The feedback has been superb and due to huge demand, we have decided to launch our first autumn training seminar series. The dates and locations for the seminars are featured in the newsletter along with details of how to book your place.

The theme “The rise of personal insolvency in the UK” and our topic “Fix the debt, fix the family” were very well received at the last seminars. While one of the main effects of debt is being trapped in a cycle of poverty, it is important to understand that it is not just a financial problem for the individual.

Having the feeling that money is owed to someone and that one may have to work for years to come just to pay bills, is taxing on the individual’s psychological health and well-being, which then can have an impact on the rest of the family, as well as their relationships with friends and work colleagues. Debtors are placed under constant stress in order to survive.

This is the reality of the economic system in which we now live in. Spiralling fuel costs, high inflation, utilities, housing costs and a pay freeze for many employees, signals a difficult time for households who are already burdened and pushed to the limit on credit bills. The economic climate has continued to impact the nations wallets hence financial priorities have suffered as a result. The typical household is currently using up to a quarter of their income to pay off their interest after paying regular bills and the average household debt is estimated at £55,436

GarethPartner

in the UK (March 2012). The need to service debt is posing a significant challenge in the current economic downturn when a lot of household income and savings are drying up. When money is tight, it is even more important to spend time prioritising finances and increasing understanding of exactly where savings can be made.

If household debts are larger than income and savings have become limited, it is best to investigate the debt solution options early. The sooner the debtor starts to effectively tackle their debts, the quicker they can see the benefits. Many people regain their self-esteem, rediscover life purpose and relate better with family and friends.

The articles in this newsletter will give you a snapshot of the topics that will be discussed. I will look in detail at “Debt is a problem. Sorting it out shouldn’t be” “in the Autumn Seminars under the title... “how are IVA’s continuously evolving?”

We are also delighted to welcome guest speakers, Liam Waine from Stephenson’s Solicitors who will be discussing “What does the future hold for unenforceable loans?” along with a leading PPI expert discussing “Help Ease Debt: how can PPI reclaims ease a debt problem”. It will be an informative and fascinating seminar series not to

be missed and would recommend that you book your place early, as places are limited.

I look forward to seeing you at your local upcoming Autumn Training Seminar.

Contents

01 Welcome from Gareth Neill02 Debtisaproblem,findinga solutionshouldn’tbe.05 Grant Thornton Debt Free –10tipsforholidays06 Whatdoesthefuturehold for unenforceable loans?07 AutumnTrainingSeminars08 Case Law10 UKClientServiceManagers contacts

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2 MONEY ADVISORSUMMER2012 MONEY ADVISORSUMMER20123

Duringtherecentrecession,unemploymentsoaredandmanyofthosefortunateenoughtokeeptheirjobsfacedpaycuts.Everyday314peoplearedeclaredinsolventorbankruptwhichisequivalenttoonepersonevery63secondsduringeachworkingdayintheUK.Giventheeconomicturmoil,thisfigureisnotsurprising.WhatdoestakemanybysurpriseisthediversityofthosenowseekingIndividualVoluntaryArrangement(IVA)adviceandembarkinguponthejourneyofdebtrecovery.ThishascausedaIVAmarketshiftresultinginachangeinIVAcriteria.GrantThorntonwillbediscussingthisinmoredetailattheupcomingtrainingseminars.

What are the debt solution options available?In the UK there are a variety of debt solutions available, the main options are IVA’s, Debt Management and Bankruptcy. The option that people in debt will use depends on total debt, personal circumstances, job and personal preference. Everyone’s circumstances are different, so it is important that they have the right option for tailored to the individual.

Increasing numbers of people are opting for quick payday loan’s to solve little debts. The risk with this option is that little debts can very quickly grow into a bigger problem, as people are paying

Debt is a problem… …fi nding a solution shouldn’t be!Debt is a chronic issue in our society that is effecting an

alarming number of people in the UK. The combined effects of the economy, advertising and changing social attitudes have created the perfect storm to bring personal insolvency to record levels. Everyone has money worries sometimes and debt has no respect of income.

up to or above 4,200 percent interest. Payday loans are incredibly tempting, with an application taking as little as 12 minutes to process and money being in your account within 24 hours, but people need to pause and weigh up the risks and long term effects.

Pay day loan companies are not only marketing to individuals, who are having diffi culty with debt but are also starting to market to small businesses, which has recently has caused a media storm. Pay day loan companies are capitalizing on the crisis created by banks who have decreased lending to small fi rms. It is extremely important that the public are made aware of all the options that are available to them, other than falling into the trap of pay day loan companies, with the risk of their debt spiralling out of control.

We at Grant Thornton offer free debt advice. Our highly trained licensed Insolvency Practitioners (IP’s) specialise in IVA’s to support individuals on their recovery journey from debt: from the initial assessment stage straight through to satisfactory completion of the IVA. At Grant Thornton, we are committed to exploring all the options to resolve credit concerns and creating a personalised solution for our clients.IVA market shiftIVA’s have existed since the 1980’s but have only recently caught the public’s attention because of the UK’s increasing economic challenges. The IVA has become a popular debt solution with more and more people opting for this route with over 40,000 people entering into IVA’s each year. An IVA is a solution available to people who are suffering with large amounts of debt and are struggling or unable to keep up repayments. This may be due to circumstances such as, illness, unemployment, bereavement, divorce, separation, reduction in income or any other changes in circumstances. Sometimes the debt levels are just too high and they have spiralled out of the clients control.

There is a misconception that the only people who ever enter into IVA’s are on low incomes and have got themselves into a spot of fi nancial diffi culty by overspending and living on credit.

The recession saw a shift in which more people on middle to higher income sought out an IVA. In fact, the

Government introduced the IVA to assist anyone, whose debts are unmanageable.

What is the criteria for an IVA?An IVA can help many people become debt free within 5 years, as well as providing legal protection from further interest and charges being added to your debts. Every IVA is unique and tailored to individual’s needs based on debtor employment status, income, expenditure, amount of unsecured debts, number of creditors and even your current situation regarding everyday living. The main criteria about whether IVA’s will help someone, is based on how much they earn compared to their debt for example: if a person earns over £50k but their debt is in excess of this, then you could be in fi nancial diffi culty and could benefi t from an IVA. The recession has shown us that even people on higher wages face fi nancial diffi culties!

In general, our clients typically have unsecured debts of more than £15,000, have more than two different unsecured creditors and are not reliant on welfare benefi t income only. However the IVA criteria are not completely fi xed and we will review each case on it’s own merits. At Grant Thornton, we don’t have a ‘one size fi ts all’ approach to helping people regain fi nancial control over their debt. We believe in taking a wider view of the individuals circumstances in order to provide tailored debt advice. The criteria for IVA’s needs to be fl exible due to continuous economic changes and increase in demand.

Some cases may have a fairly unique set of fi nancial circumstances, for example if the individual had an unsecured debt amount of over £10,000, but under £15,000 and have a regular income, they could be eligible for “Low Value Contribution IVA”. There is no legal minimum number of creditors yet IVA’s tend to have more chance of getting approval, if the unsecured debt is spread between two or more creditors. The debtor generally needs to be in employment, however there are some IVA cases approved each year where this criterion is not met. For instance if the debtor is on long term sickness benefi t and has a partner working. If the debtors’ partner is prepared to support the IVA application, then the creditors may accept the proposal. DRAFT

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o on an adventure near home. There is a lot to visit and do with in the UK, which can be cheaper, less hassle for example:

• Go camping• Go hiking or biking• Go horse-riding• Go to local adventure parks

ime better when you go on holidays to get cheaper deals

• Avoid the peak times i.e. non term time, when holidays are dearer and will also reduce travel stress at airports or on the roads

• Avoid fl ying on Friday’s or Saturdays, if you fl y during weekdays you can save a lot of money

• Check your passport a month before you go, to ensure you don’t have to pay more for a rush application

• Research “Foreign School Holiday” in the country you are visiting to avoid their peak times, by waiting a few weeks later you could save money

o compare and negotiate for better deals

• Price around for travel insurance, check online and then negotiate for the best deal

• Shop around for your European breakdown cover and check that your contract is covering where you are intending on going to

xplore UK – instead of holiday abroad, plan day trips such as:

• Go on scenic railway trip• Go on boat trip or river cruises• Go on coach tour• Visit historic buildings and monuments• Visit museums and art galleries (some are free)• Visit planteriums• Visit local beaches

udget your holiday and daily spend. Set yourself a spend limit (for meals, drinks and excursions) and stick to the budget. Be aware of extra costs.

• Credit Card providers can charge up to 2.75% commission every time you use your card abroad – try opting for using cash instead

• Mobile Phone Sting: do you know the true cost of making and receiving mobile phone calls abroad?

• Shop around for your currency and remember commission free doesn’t mean profi t free

hink about what you want from your holiday: would it be better to save up for the holiday you really want?

ind special offers

• Research online for hidden gems• Research cheap hotel chains• Locate cheap train tickets • Collect newspaper tokens• Sign up for special offers by email• Travel the ferry at unsociable times to get cheaper fares

estrict your suitcase weight limit when fl ying to avoid expensive overcharges going and coming back.

• Remember your weight limit when shopping abroad and you don’t need to buy gifts for people while you are on holiday.

xperience something new

• Try Interrail – it is not just for students! Imagine visiting different European cities on one holiday. If you get really organised and savvy you can book your own cabin travel overnight to your next location and avoid booking a hotel

• Go Youth hostelling – some hostels are of high standard and many have family rooms – they are not just for the young

• Try a “House Swap” and make friends in hot places

xperiment with local cuisine

• Track down local restaurants, for better cultural experience while saving some cash – the more touristy locations, the more expensive the cuisine.

“Grant Thornton Debt Free” Ten Tips for Holidays

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• Visit museums and art galleries (some are free)• Visit planteriums• Visit local beaches

WIN A KINDLE WITH GRANT THORNTON!!

AsSummerHoliday’sbegin,GrantThorntonareofferingafantasticopportunityforMoneyAdvisorstowinaKindle.

How to enter:

Simplycompleteyourdetailsbelow,cutoutandpostto:Lynn McCabe Grant Thornton UK LLPWater’s EdgeClarendon DockBelfast, BT 1 3BH.

Oremailalldetailsofentrytolynn.mccabe@uk.gt.comandinsert“Win a Kindle with Grant Thornton” inthesubjectline.Entriesmustbesubmittedbefore27 July 2012

Terms and conditions 1 Toqualifyfortheluckydraw,completetheentryformreturnviapostoremailasdetailedabove.2Onlyoneentryperperson.3 Incorrectinformationwillautomaticallydisqualifytheentrant.4 AnybodymaytakepartexceptemployeesofGrantThorntonandtheirfamilymembers.5Onlytheofficialentryformisvalid.Ifsendinginformationviaemail,alldetailsofentrymustbegivenintheemail.6Theprizeisnottransferableandcannotbeexchangedforcash.7GrantThorntoncannottakeanyresponsibilityforlostentryformsoranydamage,lossesorinjuriesrelatedtotheluckydraworprize.8Winnersmustbepreparedtobephotographedandsuchphotographcouldpossiblybeusedinfuturemarketingmaterial.Allprizesmustbecollectedwithinthreemonthsfromthedateofwinning.9Closingdateforentryis27thJuly2012at18:00.10Winnerswillbenotifiedviae-mailweekcommencing30thJuly2012.11Byenteringthecompetitionandsupplyingyourinformation,youconsenttoreceiverelevantGrantThorntonpromotionalmaterialviae-mailandpost.12Thewinnerselection/decisionisfinalandnocorrespondencewillbeenteredinto.

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6 MONEY ADVISORSUMMER2012

She was getting calls from her lender, and then later from the company they sold the debt on to.

She contacted us for help. We have a dedicated team of Consumer law solicitors who have represented people with debt worries for 15 years and we have helped hundreds of people to get out of debt. Our team can boast many successful cases in ground breaking areas of the law, with many loans written off.

This particular woman had a credit agreement dating back almost ten years, before the law changed in 2007, so we were able to challenge the validity of it.

We examined the agreement and found there were technical issues with the way it was drafted, which could mean the whole loan was unenforceable. After several months of correspondence and negotiations, the lender agreed to write off the balance of the debt and pay the legal costs of challenging the agreement.

There are even cases dating back to the 1990s which include discrepancies and have been successfully challenged.

A couple we acted for last year had taken out a loan in the 1990s. They contacted us after their original debt had

What does the future holdfor unenforceable loans?

Liam WainePartnerandHeadofConsumerStephensonsSolicitorsLLP

We advised a woman who had lost her job after an accident, causing her to fall in diffi culties in repaying a loan. Her fi nancial situation worsened further when she suffered the loss of her husband and had serious health issues within a short space of time. A horrible chain of events which steam-rollered her into a debt nightmare.

spiralled to £420,000 and they needed specialist advice to save their home from repossession. When we looked at the agreement, we found that it failed to contain some of the prescribed terms as required under the Consumer Credit Act 1974 (and associated regulations). This meant they had been paying off a debt for all those years which was unenforceable. Their debt was written off but the years of stress they went through could not be wiped out.

Consumer credit agreements have to comply with very strict regulations, and if they don’t, as these cases demonstrate, they can be challenged.

During the seminar I will look in detail at what the future holds for challenging loan agreements and also offer key identifi ers that will signal if a loan agreement may be unenforceable.

Is there still a market for challenging loans or have claims management companies taken the monopoly? Attend the seminar to fi nd out.

Debt is a problem,sorting it out shouldn’t be...

grant-thornton.co.uk/iva

UK Event Details:

Seminars will commence at 10.00am and will fi nish at 3.00pm

Day Date Location

Wednesday 05September Swindon

Tuesday 11September Belfast

Tuesday 18September Durham

Wednesday 19September Newcastle

Wednesday 26September Cambridge

Thursday 27September London

Tuesday 2 October Birmingham

Wednesday 3October Nottingham

Tuesday 9 October Liverpool

Wednesday 10 October Manchester

Wednesday 17 October Leeds

Thursday 18 October Sheffield

We look forward to seeing you at your local seminar.For more information and to register for your local seminar, please contact:

Lynn McCabe on 028 9082 0679 or email lynn.mccabe@uk.gt.com before 13 August 2012.

Grant Thornton invites you to attend our UK Autumn Seminar Series. The seminar itinerary and speakers are:

• “Yesterday is history, tomorrow is a mystery but today is the present... how are IVA’s are continuously evolving to help clients?” Gareth Neill, Partner and Insolvency Practitioner at Grant Thornton

• “Is there a future still for challenging unenforceable loans?” Liam Waine, Partner and Head of Consumer at Stephensons Solicitors LLP

• “Helping Ease Debt. How can PPI reclaims ease a debt problem?” PPI Expert

Who should attend?

Following the huge demand and fabulous success of our spring training seminars, we have decided to organise a new series of seminars with fresh ideas in the Autumn across twelve UK locations. Our training seminars are open to both qualifi ed money advisors and volunteers who are looking to improve their knowledge of IVA’s.

Benefits of attending:

• All training seminars are free to attend• Free CPD points• Leading expert speakers• High level of interaction between speakers and delegates• Boost your knowledge with fascinating up-to-date

information• Broad view of different case studies• Free documentation• Network with other attendees• Complimentary lunch and refreshments

Grant Thornton’s Autumn Seminar Series

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Raithatha v WilliamsonI have now read the judgment in Raithatha v Williamson in which a dubuty judge in the Chancery Division held that an income payments order could take into account a pension which the bankrupt, being of adequate age, had not elected to draw. This is relevant to bankrupts with pensions they could elect to draw while undischarged, and relevant to IVAs to the extent that the proposal should not look to leave the creditors worse off than in a bankruptcy.

I am not persuaded that this decision would survive an appeal. There surely will be an appeal sooner rather than later, if not in this case, then in another.

The reasoning for the decision is that because the bankrupt is entitled to elect to draw the pension he is entitled to the income. Even though the right of election is property which does not vest in the trustee, the court is saying that s310 directs the court to take into account that which could be obtained by the making of an election. This rolls two steps (entitlement to elect in which the trustee cannot directly interfere, and entitlement to receive in respect of which the trustee can seek income payments) into one.

In taking into account the entitlement to elect and consequently to receive, it appears that the court can force the bankrupt to elect and indeed to elect for the maximum lump sum if he is to be able to comply with the

income payments order.The learned deputy judge could see

no reason for a difference in outcome between a bankrupt who has elected and one who has not and none was suggested in argument. My Lord, the obvious implication of the fact that the debtor has not elected to draw his pension is that he has other sources of income, so that being forced to elect in fact gives the creditors a windfall of a double dip. Further, the one who has elected has already dealt with the question of lump sum v higher annuity on his own terms. One who is forced to elect by an income payments order that takes into account the maximum lump sum has the decision thrust upon him in terms that are unfavourable to him and the consequences of which endure for the remainder of his life.

Are these merely the melancholy consequences of debt and improvidence, or are they a contradiction of the policy of s11 of the Welfare Reform and Pensions Act 1999?

If the court is indeed of the view that it can take into account the maximum lump sum so as to force an election on that basis, then the obvious “planning” point for anyone on the receiving end of a statutory demand, bankruptcy petition or even a bankruptcy order is to elect before the trustee can intervene, but on the basis of no lump sum and enhanced annuity. I can see no basis on which that is a disposition of property as the

estimated overall value of the pension should be exactly the same either way.

Nevertheless the decision is what it is. Because of the urgency of addressing income payments before discharge we cannot wait to see what may happen in the Court of Appeal. I think we have no alternative other than to review all cases where we have undischarged bankrupts over the age of 55 with a view to claiming income payments on this basis. We also need to review cases of discharged bankrupts where we have income payments already in place and who are over the age of 55, or will be over that age before the term of the income payments expires. The possibility of a review of existing income payments does not depend on there being a change of circumstances (although that would obviously be the usual basis of a review), so a change in the understanding of the law is suffi cient reason to consider whether a variation might be obtained.

If we obtain income payments on the basis of Raithatha v Williamson we may need to delay distributing such funds if the issue is known to be going to the Court of Appeal as the court would be able to order repayment if the payments were ordered / made on the basis of an incorrect understanding of the law.

Case LawR (Payne and Cooper) v Secretary of State for Work and Pensions - Court of AppealThe Supreme Court has ruled that the right of the Secretary of State to recover overpaid benefi ts by deduction from future benefi ts cuts off upon the making of a debt relief order, confi rming the decisions of the Court of Appeal (PIF44, July 2011 and of the Queen’s Bench Division (PIF31, March 2011). The Supreme Court further stated (it would seem obiter) that the right also cuts off upon the making of a bankruptcy order and not, as had previously been decided by the Court of Appeal in R(Balding) v Secretary of State for Work and Pensions (CUG947, March 2008), upon the bankrupt’s discharge.

In reaching this conclusion, the Supreme Court rejected the “net entitlement” principle enunciated by the House of Lords in Mulvey v Secretary of State for Social Security (1996). This principle had been that the individual was only entitled to receive benefi ts net of the deduction and therefore there was no recoupment occurring from the bankruptcy estate. Nevertheless, the Supreme Court did not rule that Mulvey had been wrongly decided as it was a Scottish case infl uenced by the Scottish common law of bankruptcy. The consequence is that there is now a discrepancy between England and Scotland on the matter of recovery of overpaid benefi ts by deduction.

The decision was unanimous, as was a strong hint that the government might wish urgently to review the law, a hint that has indeed been taken up (see PIF49 above)

The Supreme Court also saw fi t to distinguish the Court of Appeal decision in Bradley-Hole v Cusen (1953), involving an overpayment of rent, where it was held that the overpayment was to be regarded as merely a payment in advance of future rent, so the tenant could not be made to pay again when the landlord became bankrupt.

Recent Cases

Case Law

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UK Client ServiceManagers contacts

© 2012 Grant Thornton UK LLP. All rights reserved. ‘Grant Thornton’ means Grant Thornton UK LLP,a limited liability partnership.Grant Thornton UK LLP is a member firm within Grant Thornton International Ltd (‘Grant Thornton International’).

Grant Thornton International and the member firms are nota worldwide partnership. Services are delivered by the member firms independently. grant-thornton.co.uk/iva

Grant Thornton UK LLP was established in 1904 and has become one of the UK's leading advisers on debt. Over the past 20 years, the Debt Services team has helped thousands of people with debt problems.

Linda WilsonNorthern IrelandM 07966 495731E linda.wilson@uk.gt.com

Karen BridsonNorth West and North WalesM 07966 796854E karen.bridson@uk.gt.com

Karen YoungNorth East & CumbriaM 07826 920228E karen.j.young@uk.gt.com

Gillian DowningYorkshireM 07970 871508E gillian.downing@uk.gt.com

Dawn PryceMidlands & South WalesM 07866 682540E dawn.pryce@uk.gt.com

Jane LodgeLondon & SouthM 07966 495690E jane.lodge@uk.gt.com

Grant Thornton Client Services Manager’s (CSM’s) are specialised debt advisors who work with the free money advice sector to provide solutions to their clients with multiple debts. Based locally throughout the UK, each CSM meets every client referred to them face to face, usually at the agency referring and with the adviser present. They also have access to Grant Thornton offi ces to hold meetings where necessary. This close working relationship has enabled a ‘working in partnership’ approach that has grown and developed over many years and has seen thousands of clients become debt free or on a road to having an end to their debt misery.

A typical day for the CSM’s will be busy and challenging, visiting advisers who have set up client meetings to enable a thorough review of all options and enabling clients be fully informed so they can make the rights decisions going forward. CSM’s also provide bespoke training on the IVA for advice agencies at their own offi ces. This is a great way for advisers / volunteers to be informed and kept up to date on the ever changing debt solutions available. Every adviser / volunteer has access to their local CSM at any time, to discuss cases, provide support and meet their clients. This close working relationship has been working well for many years and continues to grow. All CSM are committed to ensuring professionalism and advice that is geared to each individuals circumstances.

Karen Bridson Client Service Associate Director - North West and North WalesKaren has been with Grant Thornton for twelve years, covering the North West and North Wales Region. She has worked in the North West Citizen Advice Bureaux Service for twenty years and is a committee member of the NWDF.

Linda Wilson Client Service Manager Northern IrelandLinda has been with Grant Thornton for eight years covering the Northern Ireland Region. Linda worked as a Outreach and Money Advisor Worker with Citizen Advice Bureaux for eleven years before joining Grant Thornton.

Karen Young Client Service ManagerNorth East & CumbriaKaren joined the Grant Thornton team three years ago. Prior to joining the company Karen had worked fi fteen years as a welfare benefi ts assessor at Gateshead Council, eighteen months at the Gateshead Housing Company as a debt advisor and eight years at Gateshead CAB as the LRC debt advisor.

Dawn Pryce Client Service ManagerMidlands & South WalesEight years ago, Dawn moved to Grant Thornton after being with KPMG for three years supervising the team who dealt with personal insolvency cases on behalf of bank/lender clients. Prior to KPMG Dawn worked for HFC Bank for eleven years within the correspondence and litigation departments.

Jane Lodge Client Service ManagerLondon and SouthJane joined Grant Thornton six years ago after wanting to work more face to face with clients, helping them explore all their options and help the clients select the best option to ensure they start to go on the recovery road from debt.

Gillian Downing Client Service ManagerYorkshireSix years ago, Gillian moved to Grant Thornton after being with North East Citizen Advice Bureaux for nine years working as a Specialist Case Worker under the legal service contract after specialist debt training.

Grant ThorntonClient Services Manager’s (CSM’s)

Why not call your local CSM to meet and discuss further what

the benefi ts are to you and your agency in a working partnership

with Grant Thornton?DRAFT

©2012 Grant Thornton UK LLP. All rights reserved. Grant Thornton UK LLP is a member fi rm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member fi rms are not a worldwide partnership. Services are delivered independently by member fi rms. Full disclaimer available at grant-thornton.co.uk*Quotes are from Grant Thornton clients affected by debt. Names have been changed for confi dential resons.

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At Grant Thornton, we know that fi nancial problems can affect people from all walks of life, in different ways. We understand that money worries add up to more than just numbers. Our goal is to provide all of the support and advice you need to regain control.

How can we help?• We provide high quality free debt advice tailored to your needs• We offer free impartial advice face to face or over the phone• We explore all the options and provide you with a personalised solution to

resolve your credit concerns• We can help stop the phone calls and threatening letters

Time for a fresh start!Throughout the UK, we offer free face to face and phone consultations with a member of our highly experienced team to discuss your options.

Call our free phone 0800 783 4582 or email client.advisors@uk.gt.comtobookafreeconsultation.*PhonelinesareopenMondaytoFriday-8.45amto7.00pm.

Advice that’s made to measure.Because one size doesn’t fi t all.

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