HSBC

[MelanieGiles]

HSBC's hurdle rate is 40p in the £ not 48p. The reason that you are offering 48p is probably that you can afford to?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Janey]

HSBC, my main creditor (over 25% of total debt) rejected my first offer of 25p in the pound so I was advised to go up to 40p making a difference of nearly £100 extra per month. Low and behold at my next creditors meeting they didnt even bother to vote and the iva was approved at the higher rate. I could have fought for a lower amount at the time but like many others you just want the iva to be accepted. At the end of the day though, I am glad I have the iva because it meant the constant phonecalls and letters stopped and I can now see light at the end of the tunnel albeit it in over 4 years time.

[scaredkez]

janey though are you really happy with the extra £100 can you sustain this for another 5yrs?
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

Janey

You can guarantee that they would have voted to reject if your offer had been lower than 40p.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sonyse2t5]

Concerning Janey's answer, increasingly Banks are inconsistent over what is an acceptable dividend. My caseworker part of the DFD group told me they had a case 17p in the pound for a 75K debt and was accepted. So I guess that didn't include HSBC's vote.

Going from 25p to 40p is big jump and that puts pressure on the ability of the iVA to survuve long term.

What is an affordable I/E these days for one or two people or a family is completely up the wall

[MelanieGiles]

Sorry Sony - I don't agree with you here. As a professional I am dealing with creditors all of the time and many of them have their own voting criteria but these are very well known in the industry. We can all quote exceptional cases, especially if you have been in practice for as long as I have, but the industry is largely consistent. I cannot understand why an IVA was put forward for Janey, when she had HSBC as a creditor owed more than 25% when everyone knows their policy.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi Melanie
Is there any give at all in HSBCs hurdle rate ?
Seems strange that they would turn down a 38p dividend,for example,for a non homeowner where the alternative may well be bankruptcy and zippo.It just doesn't make commercial sense.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Very little, if any, these days Andy. They would be more likely to agree for the IVA to be extended for a few months to effect the 40p dividend, which most people would probably be prepared to accept in honesty.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp