My creditors' meeting is on the 2nd August and I've tried to put it to the back of my mind for now, although I am a bit apprehensive.
I had been reading about different companies and their voting patterns, and heard about HSBC having a 40p/£ minimum - HSBC are our largest creditor (2 loans, 1 credit card and 1 overdraft), at about 51% I think, and we are offering only 26p/£. Second and third largest are Northern Rock at 18% and MBNA at 10% respectively. Our IP sees no problem with the figures we have put forward, I know if the IVA is rejected then they will not get paid, so they must be confident, BUT - still has me feeling nervous. Has anyone else been in a similar situation with a 'difficult' creditor/s who accepted the IVA at less than their usual minimum?
You'll be fine Lemsip. HSBC were one of my biggest creditors and I had no problem with them.
I'm pretty sure they don't have the 40p hurdle anymore.
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
Chances are your proposal will offer a re-mortgage if you own a property in month 54 thus paying back 100p in the pound? Chances are though no one will lend therefore another 12 months will be paid, thus increasing your 21p in the pound
I hope so. My husband has had HSBC and Barclays phoning constantly over the last week so I hope in a week's time they'll leave us alone, although if I was owed money I'd be doing the same thing! I took the decision not to answer any calls, unplugged the landline and our mobiles are on silent. Only one of our creditors has written to us to acknowledge the IVA meeting (Bank of Ireland - Post Office CC), and given us 60 days' grace to await the decision, which I thought was very good of them.
Do they block vote if you have more than one debt - i.e. one vote from HSBC to cover all 4 debts we have with them, or do they vote on each individual debt? I'm sure I remember reading on here (probably from very old postings) about some creditors voting one one debt but not at all on another, which seems a bit odd?
Hi No_Money, that's right - unlikely we'll have the required equity or be able to remortgage at that point, so I fully expect up to 12 months extra on the end as in the proposal, which is fine.
My husband does occasionally get overtime so I know they'll get back more than 26p - just not necessarily over 40p/£.
I've not known many people be able to pay back 100p in the pound with the remortgage. My own remortgage clause will mean that I won't pay back anywhere near that amount.
In actual fact, I will be paying back less as my final 12 months will not come anywhere near the remortgage sum.
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
Barclays constantly hounded me - the calls did stop though after I finally answered one on the day of acceptance and told them I was now in an IVA.
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
hiya lemsip,
i am sure everything will be fine for you,
its human nature that we over analyse these things and find in ourselves reasons for them to fail or be rejected.
i think on the lead up to our meetings we all felt our proposal would be the one to not make it!
i read somewhere that most companys are very accepting of an iva these days and do not really have a set minimum pence per pounds expectant return, especially if the figures show it would take longer than 12 years to pay off the debts in a debt mamagement plan.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
Hi lemsip as the others say im sure you will be fine but totaly understand how u feel this time last week i was a nervous wreck but all went well and we got a yes we had most of debt with halifax loans overdrafts credit cards ect and they voted seperatly for each but all with a yes for a return of 23p in the pound MBNA didnt vote for us wishing you lots of luck
I think it would take about 15-20 years to repay within a debt management plan, and bankruptcy would give them nothing, so on that basis I think our proposal is okay. Just hope our creditors see it that way!
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
