Hi I am aware that there are now a few cases where HSBC have accepted a return for less than 40p per £, can anyone here tell me how much less? Any info greatly appreciated!
So far as my firm is concerned there is no minimum dividend criteria, but I cannot comment on the number of cases that HSBC have accepted below the 40p in the £ hurdle rate which still exists for the majority of firms at present.
I regularly hold discussions with the people who look after HSBC's interests in insolvency cases, and they do tell me that they will look at each case on its own individual merits. As your IP is not one of the preferred firms, yet they are confident of getting it accepted, then it would suggest that they have seen some way to argue special circumstances for you, althought this cannot be tested until the day of the creditors meeting.
I am sure that more firms will strive to meet the quality standards required by HSBC over the next few months, and we will see a widening acceptance of IVAs with no minimum dividend level from this particular creditor.
Yeah I find it worrying as they are our main creditor. We also have our mortgage with them so worried how this may be affected - although DFD have assured me this will be fine!
As long as you pay your mortgage, you should be ok. HSBC was our main creditor and they didn't vote at ours.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
We are only offering 29p and that is realistically all we can afford, I just don't know if this is going to be enough for them! Do your creditors take into consideration how long you've been with them and how much they have already profited from you?
