Hi Janey - what a disappointment for you. I cannot understand, though, why Payplan have submitted these proposals three times. Do you mean that they just adjourned the original meeting twice?
I assume that HSBC rejected your proposals because you were offering a dividend of less than 40p in the £. It is widely known that this is their minimum acceptance criteria, so I do wonder why the IVA was put forward in the first place.
Do you own any assets of material value? If not, then I suggest that you seriously consider bankruptcy proceedings. HSBC need to be taught a lesson, as their 40p minimum criteria is far in excess of the average IVA dividend return of approximately 32p on an aggregate national basis.
I wish you luck with your decision making, and although you are presently disappointed, I feel that if your IVA was based upon over 50% of your net salary, then you would eventually struggle to make the repayments in any case.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
