HSBC

[JoeB]

Will they accept as long as the div is great than or equal to 40p?

[DebtDummy]

hello q.q.r, when I had HSBC as a creditor and trying to do an IVA they were the worst. As for what they will accept is a difficult question to answer so I can't answer that. But I can say whatever my hubby and I offered it was not good enough for HSBC and they were the creditor we owed the most to and all this happened BEFORE the creditors meeting.

Read some of my old post for clarification. I hope I didn't frighten you about HSBC. This wasn't my intention, but I think you need to approach them with your eyes wide open. HSBC can be difficult.
Take care

All I have left is my humour.

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.

[JoeB]

Oh !! - has anybody ever had any success with HSBC? - and how will it work of our total debt they are about 8% but aboout 50% of the debt in my wife's name?

Does this mean she has no hope?

[MelanieGiles]

There is no guarantee ever of acceptance ggr, but anything lower thab 40p with this creditor is a certain rejection. If your wife has 50% of her debt with HSBC, then they have 50% worth of voting power, and are thus a powerful voice in the process.

Put the right proposal forward to these guys, which meets their criteria, and I find them a very amenable creditor.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[JoeB]

Does that mean - they have 50% for both of us or just my wife - still confused about how a joint IVA works - one that is in both names - as it stands we will be offering all creditors 40p because of HSBC - but my only concern is we may not be able to raise it further if they ask for it - beacuse we would have to do that for all - when you say good propsal what kind of things are they looking for?[?]

[MelanieGiles]

As I keep saying, there is no such thing as a joint IVA! You both have your own debts - and even if you have joint debts these have to be included in each individual estate in their entirity.

A good proposal is one which has been researched thoroughly, with supporting documentation checked and verified, backed by a thorough interview either face to face or on the telephone with your insolvency practitioner - but most of all affordable from day 1.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[JoeB]

So if HSBC said no would that mean my IVA could continue but my wifes would fail and go into dmp? Could they stop mine as well?[?]

[MelanieGiles]

They can only stop your IVA if they are a creditor of yours and their rejection vote represented 25% or more of the overall votes. But would an IVA just for you offer a return of at least 25p in the £ without any contribution from your wife on an ongoing basis?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[JoeB]

Thanks for this Melanie - they are not a creditor of mine. Currently we have been advised to offer 40p to all - the min for HSBC - my worry therefore is wifes iva which also includes mbna about 4% - will the IP get in touch with them and see if they can come to an agreement before tha day?

I am not sure I am with the right people - am still with the intermediary so not sure who the IP will be they have said probably wilson phillips - have been discussing this for a couple of weeks with them! - wonder whether I should go straight to the horses mouth save some money as well - I have not signed anything yet even I feel guily because they could be dping the right thing its just a question of trusting them[V]

[MelanieGiles]

I would not worry about MBNA - they are generally quite supportive of IVAs these days and of course have a very minimal vote.

Sorry, I cannot comment upon the firm you are using and whether using an intermediary is completely necessary. I work with a number of intermediaries and I also have clients coming directly to me. Both ways seem to work relatively successfully, although I can understand why you perceive going straight to an insolvency practitioner might be quicker and cheaper.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Donna]

If it makes you feel any better, mine went through the 2nd time round and HSBC were my only voters

[Hunter1]

Hi,

My IVA went through 1st time and HSBC were a creditor but didn't bother voting. They only had about 9% of the votes by value and I was told they don't bother voting if they only have a small percentage.

If they have over 25% of the vote then it's more difficult.

Hope that's some help.