In this edition of Money Advisor Update, aimed at money advisors, we share our technical insights and expertise

1. Money Advisor Update
Summer Edition 2012
We have just wrapped up our Grant Thornton Spring Training Seminars,
FT
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 in the UK (March 2012). The need be missed and would recommend that
insolvency in the UK” and our topic to service debt is posing a significant you book your place early, as places
“Fix the debt, fix the family” were challenge in the current economic are limited.
very well received at the last seminars. downturn when a lot of household
RA
While one of the main effects of debt is income and savings are drying up. I look forward to seeing you at
being trapped in a cycle of poverty, it is When money is tight, it is even more your local upcoming Autumn
important to understand that it is not important to spend time prioritising Training Seminar.
just a financial problem for finances and increasing understanding
the individual. of exactly where savings can be made.
Having the feeling that money is If household debts are larger than
owed to someone and that one may income and savings have become
have to work for years to come just to limited, it is best to investigate the debt
pay bills, is taxing on the individual’s solution options early. The sooner
psychological health and well-being, the debtor starts to effectively tackle
which then can have an impact on their debts, the quicker they can see
the rest of the family, as well as their the benefits. Many people regain their
relationships with friends and work self-esteem, rediscover life purpose and
colleagues. Debtors are placed under relate better with family and friends.
constant stress in order to survive. The articles in this newsletter will Gareth
D
Partner
This is the reality of the economic give you a snapshot of the topics that
system in which we now live in. will be discussed. I will look in detail
Contents
Spiralling fuel costs, high inflation, at “Debt is a problem. Sorting it out
utilities, housing costs and a pay freeze shouldn’t be” “in the Autumn Seminars 01 Welcome from Gareth Neill
for many employees, signals a difficult under the title... “how are IVA’s 02 Debt is a problem, finding a
time for households who are already continuously evolving?” solution shouldn’t be.
burdened and pushed to the limit on We are also delighted to welcome 05 Grant Thornton Debt Free
credit bills. The economic climate has guest speakers, Liam Waine from – 10 tips for holidays
continued to impact the nations wallets Stephenson’s Solicitors who will be 06 What does the future hold
hence financial priorities have suffered discussing “What does the future hold for unenforceable loans?
as a result. The typical household is for unenforceable loans?” along with
07 Autumn Training Seminars
currently using up to a quarter of their a leading PPI expert discussing “Help
08 Case Law
income to pay off their interest after Ease Debt: how can PPI reclaims ease a
10 UK Client Service Managers
paying regular bills and the average debt problem”. It will be an informative
household debt is estimated at £55,436 and fascinating seminar series not to contacts

2. Debt is a problem… …finding a solution
shouldn’t be!
FT
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 up to or above 4,200 percent interest. Payday loans are Government introduced the IVA to assist anyone, whose
incredibly tempting, with an application taking as little as 12 debts are unmanageable.
debt has no respect of income. minutes to process and money being in your account within
24 hours, but people need to pause and weigh up the risks What is the criteria for an IVA?
and long term effects. An IVA can help many people become debt free within 5
Pay day loan companies are not only marketing to years, as well as providing legal protection from further
individuals, who are having difficulty with debt but are interest and charges being added to your debts. Every
During the recent recession, also starting to market to small businesses, which has IVA is unique and tailored to individual’s needs based on
unemployment soared and many of recently has caused a media storm. Pay day loan companies debtor employment status, income, expenditure, amount of
those fortunate enough to keep their are capitalizing on the crisis created by banks who have unsecured debts, number of creditors and even your current
RA jobs faced pay cuts. Every day 314
people are declared insolvent or bankrupt
which is equivalent to one person every
63 seconds during each working day
in the UK. Given the economic turmoil,
this figure is not surprising. What does
take many by surprise is the diversity of
those now seeking Individual Voluntary
Arrangement (IVA) advice and embarking
upon the journey of debt recovery. This
has caused a IVA market shift resulting in
a change in IVA criteria. Grant Thornton
will be discussing this in more detail at
decreased lending to small firms. 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 shift
IVA’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
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 financial difficulty and could benefit from an
IVA. The recession has shown us that even people on higher
wages face financial difficulties!
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 benefit income only.
However the IVA criteria are not completely fixed and we
will review each case on it’s own merits. At Grant Thornton,
we don’t have a ‘one size fits all’ approach to helping people
regain financial 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 flexible due to continuous economic changes and increase
the upcoming training seminars. solution with more and more people opting for this route
with over 40,000 people entering into IVA’s each year. An in demand.
What are the debt solution options available? IVA is a solution available to people who are suffering with Some cases may have a fairly unique set of financial
In the UK there are a variety of debt solutions large amounts of debt and are struggling or unable to keep circumstances, for example if the individual had an
available, the main options are IVA’s, Debt up repayments. This may be due to circumstances such as, unsecured debt amount of over £10,000, but under £15,000
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Management and Bankruptcy. The option illness, unemployment, bereavement, divorce, separation, and have a regular income, they could be eligible for “Low
that people in debt will use depends on total reduction in income or any other changes in circumstances. Value Contribution IVA”. There is no legal minimum
debt, personal circumstances, job and personal Sometimes the debt levels are just too high and they have number of creditors yet IVA’s tend to have more chance of
preference. Everyone’s circumstances are different, spiralled out of the clients control. getting approval, if the unsecured debt is spread between
so it is important that they have the right option for There is a misconception that the only people who ever two or more creditors. The debtor generally needs to be in
tailored to the individual. enter into IVA’s are on low incomes and have got themselves employment, however there are some IVA cases approved
Increasing numbers of people are opting for into a spot of financial difficulty by overspending and living each year where this criterion is not met. For instance if the
quick payday loan’s to solve little debts. The risk on credit. debtor is on long term sickness benefit and has a partner
with this option is that little debts can very quickly The recession saw a shift in which more people on working. If the debtors’ partner is prepared to support the
grow into a bigger problem, as people are paying middle to higher income sought out an IVA. In fact, the IVA application, then the creditors may accept the proposal.
2 MONEY ADVISOR SUMMER 2012 MONEY ADVISOR SUMMER 2012 3

3. WIN A KINDLE WITH “Grant Thornton Debt Free”
GRANT THORNTON!! Ten Tips for Holidays
FT
G
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:
B 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.
• Go camping • Credit Card providers can charge up to 2.75%
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making and receiving mobile phone calls abroad?
T ime better when you go on holidays to get cheaper
deals
• Avoid the peak times i.e. non term time, when holidays
• Shop around for your currency and remember
commission free doesn’t mean profit free
are dearer and will also reduce travel stress at airports or
on the roads
• Avoid flying on Friday’s or Saturdays, if you fly during
T hink about what you want from your holiday: would
it be better to save up for the holiday you really
want?
As Summer Holiday’s
weekdays you can save a lot of money
• Check your passport a month before you go, to ensure
F ind special
How to enter:
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Simply complete your details below,
cut out and post to:
Details of entry:
begin, Grant Thornton
are offering a fantastic
opportunity for Money
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Name ...........................................................................................................
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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
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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 flying to
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xperience
something new
Lynn McCabe Job Title ....................................................................................................... • Go on coach tour • Try Interrail – it is not just for students! Imagine visiting
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experience while saving some cash – the more touristy
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consent to receive relevant Grant Thornton promotional material via e-mail and post. 12 The winner selection/decision is final and no correspondence will be entered into.
MONEY ADVISOR SUMMER 2012 5

4. Grant Thornton’s Autumn Seminar Series
What does the future hold Debt is a problem,
FT
for unenforceable loans? sorting it out shouldn’t be...
Grant Thornton invites you to attend our UK Autumn UK Event Details:
Seminar Series. The seminar itinerary and speakers are:
Seminars will commence at 10.00am and will finish at 3.00pm
• “Yesterday is history, tomorrow is a mystery but today
is the present... how are IVA’s are continuously evolving Day Date Location
to help clients?” Gareth Neill, Partner and Insolvency Wednesday 05 September Swindon
Practitioner at Grant Thornton Tuesday 11 September Belfast
Tuesday 18 September Durham
• “Is there a future still for challenging unenforceable
Wednesday 19 September Newcastle
loans?” Liam Waine, Partner and Head of Consumer at
Wednesday 26 September Cambridge
Stephensons Solicitors LLP
RA Liam Waine
Partner and Head of Consumer
Stephensons Solicitors LLP
We advised a woman who had lost her job after an accident, causing her to fall in
difficulties in repaying a loan. Her financial 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.
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
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
• “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
qualified 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
Thursday
Tuesday
Wednesday
Tuesday
Wednesday
Wednesday
Thursday
27 September
2 October
3 October
9 October
10 October
17 October
18 October
London
Birmingham
Nottingham
Liverpool
Manchester
Leeds
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.
many loans written off. stress they went through could not be wiped out. • High level of interaction between speakers and delegates
This particular woman had a credit agreement dating Consumer credit agreements have to comply with • Boost your knowledge with fascinating up-to-date
back almost ten years, before the law changed in 2007, so we very strict regulations, and if they don’t, as these cases information
were able to challenge the validity of it. demonstrate, they can be challenged. • Broad view of different case studies
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We examined the agreement and found there were During the seminar I will look in detail at what the future • Free documentation
technical issues with the way it was drafted, which could holds for challenging loan agreements and also offer key • Network with other attendees
mean the whole loan was unenforceable. After several identifiers that will signal if a loan agreement may • Complimentary lunch and refreshments
months of correspondence and negotiations, the lender be unenforceable.
agreed to write off the balance of the debt and pay the legal Is there still a market for challenging loans or have claims
costs of challenging the agreement. management companies taken the monopoly? Attend the
There are even cases dating back to the 1990s which seminar to find out.
include discrepancies and have been successfully challenged.
A couple we acted for last year had taken out a loan in grant-thornton.co.uk/iva
the 1990s. They contacted us after their original debt had
6 MONEY ADVISOR SUMMER 2012

5. R (Payne and Cooper) v Secretary of
Case Law
State for Work and Pensions - Court
of Appeal
The Supreme Court has ruled that
the right of the Secretary of State to
FT
recover overpaid benefits by deduction
from future benefits cuts off upon
the making of a debt relief order,
confirming 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
Recent Cases right also cuts off upon the making
of a bankruptcy order and not, as had
Raithatha v Williamson income payments order. estimated overall value of the pension previously been decided by the Court
I have now read the judgment in The learned deputy judge could see should be exactly the same either way. of Appeal in R(Balding) v Secretary of
Raithatha v Williamson in which a no reason for a difference in outcome Nevertheless the decision is what it State for Work and Pensions
dubuty judge in the Chancery Division between a bankrupt who has elected is. Because of the urgency of addressing (CUG947, March 2008), upon the
held that an income payments order and one who has not and none was income payments before discharge we bankrupt’s discharge.
could take into account a pension suggested in argument. My Lord, the cannot wait to see what may happen in In reaching this conclusion, the
which the bankrupt, being of adequate obvious implication of the fact that the Court of Appeal. I think we have Supreme Court rejected the “net
age, had not elected to draw. This is the debtor has not elected to draw his no alternative other than to review entitlement” principle enunciated
RA
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
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
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
sufficient reason to consider whether a
variation might be obtained.
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 benefits 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
influenced 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 benefits
by deduction.
The decision was unanimous, as
that s310 directs the court to take into the Welfare Reform and Pensions If we obtain income payments on was a strong hint that the government
account that which could be obtained Act 1999? the basis of Raithatha v Williamson we might wish urgently to review the law,
by the making of an election. This rolls If the court is indeed of the view may need to delay distributing such a hint that has indeed been taken up
two steps (entitlement to elect in which that it can take into account the funds if the issue is known to be going (see PIF49 above)
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the trustee cannot directly interfere, maximum lump sum so as to force to the Court of Appeal as the court The Supreme Court also saw fit
and entitlement to receive in respect an election on that basis, then the would be able to order repayment if to distinguish the Court of Appeal
of which the trustee can seek income obvious “planning” point for anyone the payments were ordered / made on decision in Bradley-Hole v Cusen
payments) into one. on the receiving end of a statutory the basis of an incorrect understanding (1953), involving an overpayment
In taking into account the demand, bankruptcy petition or even of the law. of rent, where it was held that the
entitlement to elect and consequently a bankruptcy order is to elect before overpayment was to be regarded as
to receive, it appears that the court can the trustee can intervene, but on the merely a payment in advance of future
force the bankrupt to elect and indeed basis of no lump sum and enhanced rent, so the tenant could not be made
to elect for the maximum lump sum annuity. I can see no basis on which to pay again when the landlord
if he is to be able to comply with the that is a disposition of property as the became bankrupt.
8 MONEY ADVISOR SUMMER 2012 MONEY ADVISOR SUMMER 2012 9

6. UK Client Service
Managers contacts Grant Thornton
Grant Thornton UK LLP was established in 1904 and has
become one of the UK's leading advisers on debt. Over the
Client Services Manager’s (CSM’s)
past 20 years, the Debt Services team has helped thousands of
people with debt problems.
FT
Grant Thornton Client Services Manager’s (CSM’s) are Karen Bridson Client Service Associate Director -
specialised debt advisors who work with the free money North West and North Wales
advice sector to provide solutions to their clients with Karen has been with Grant Thornton for twelve years,
multiple debts. Based locally throughout the UK, each CSM covering the North West and North Wales Region. She has
meets every client referred to them face to face, usually at worked in the North West Citizen Advice Bureaux Service
the agency referring and with the adviser present. They for twenty years and is a committee member of the NWDF.
also have access to Grant Thornton offices to hold meetings
where necessary. This close working relationship has Linda Wilson Client Service Manager
Linda Wilson Karen Young enabled a ‘working in partnership’ approach that has grown Northern Ireland
Northern Ireland North East & Cumbria
M 07966 495731 M 07826 920228 and developed over many years and has seen thousands of Linda has been with Grant Thornton for eight years
E linda.wilson@uk.gt.com E karen.j.young@uk.gt.com
clients become debt free or on a road to having an end to covering the Northern Ireland Region. Linda worked as a
their debt misery. Outreach and Money Advisor Worker with Citizen Advice
Bureaux for eleven years before joining Grant Thornton.
A typical day for the CSM’s will be busy and challenging,
visiting advisers who have set up client meetings to enable Karen Young Client Service Manager
Karen Bridson
RA
North West and North Wales
M 07966 796854
E karen.bridson@uk.gt.com
Gillian Downing
Yorkshire
M 07970 871508
E gillian.downing@uk.gt.com
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 offices. 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.
North East & Cumbria
Karen joined the Grant Thornton team three years ago.
Prior to joining the company Karen had worked fifteen
years as a welfare benefits 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 Manager
Midlands & South Wales
Eight 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 Manager
London and South
Jane joined Grant Thornton six years ago after wanting to
work more face to face with clients, helping them explore
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all their options and help the clients select the best option to
Dawn Pryce Jane Lodge
Midlands & South Wales London & South ensure they start to go on the recovery road from debt.
M 07866 682540
E dawn.pryce@uk.gt.com
M 07966 495690
E jane.lodge@uk.gt.com
Why not call your local CSM to
meet and discuss further what Gillian Downing Client Service Manager
Yorkshire
the benefits are to you and your Six years ago, Gillian moved to Grant Thornton after being
agency in a working partnership with North East Citizen Advice Bureaux for nine years
with Grant Thornton? working as a Specialist Case Worker under the legal service
contract after specialist debt training.
© 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
10 MONEY ADVISOR SUMMER 2012 MONEY ADVISOR SUMMER 2012 11

7. Advice that’s
FT
made to measure.
Because one size
doesn’t fit all.
RA
At Grant Thornton, we know that financial 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
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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.com to book a
free consultation.
* Phone lines are open Monday to Friday - 8.45am to 7.00pm.
©2012 Grant Thornton UK LLP. All rights reserved. Grant Thornton UK LLP is a member firm within Grant Thornton International Ltd.
Grant Thornton International Ltd and the member firms are not a worldwide partnership. Services are delivered independently by member firms. Full disclaimer available at grant-thornton.co.uk
*Quotes are from Grant Thornton clients affected by debt. Names have been changed for confidential resons.
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