IVA was approved, for approx. 45p dividend

[Hunter1]

My IVA was approved late April. I thought I'd publish what my creditors did as it might help allay some fears other forum members have:

Proposal was for approx. 45p dividend.

Yes Votes:

Bank of Scotland (BOS, Sainsburys)
Royal Bank of Scotland (Mint, Natwest)
Marks and Spencer
Amex
Egg
LloydsTSB
Barclays (Barclaycard, Monument)
Co-op (best creditor - very civil)
Capital One
Citicard

Didn't vote:

MBNA (boo hiss - absolute nightmare!)
HSBC (not much better!)

So I got a 100% yes vote. Strange that the only 2 who didn't vote were by far the worst chasers and harrassers!!

And HSBC chased right up to one hour before approval!

Hope this gives hope to others.

[Oliver]

Thanks Hunter

Very interesting but would you mind also letting us know what percentage of your debt HSBC and MBNA held?

Many thanks

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Adam Davies]

Interesting that both MBNA and HSBC didn,t vote.These two are proving to be very difficult with IVAs and i imagine they didn,t vote because they didn,t hold a significant percentage of your debts.
Also it,s good to hear about the Co-op being very civil and maybe this has something to do with the ethical stance that they take to banking.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[Skippy]

MBNA didn't vote in my IVA either. I know it was a few months ago, but after how rude they were I fully expected a no vote just to be petty.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[aguise]

We had mbna voted yes to husbands and no to mine, the difference being his had been passed to another company mine was still with them, but have to say only one phone call from them to my husband and that from india and I didnt get one at all. Both were not significant percentages lloyds tsb held the make or break but didnt vote.

Ang

[iva experts]

Thanks for posting your information Hunter, I find it very interesting that HSBC didn't vote especially as your return was 45p/£.

MBNA are a completely random as to why they are rejecting IVA proposals.

Best Regards. IVA Experts

[MelanieGiles]

HSBC won't vote if they have less than 25% of the aggregate debt.

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

[Hunter1]

In response to Oliver from TC:

MBNA held 15% of the debts, HSBC 9%. Almost enough to have scuppered the IVA if they had voted no!

[Sensible77]

Do all debts with one bank class as one debt? I have 2 credit cards,(HSBC Mastercard & HSBC Online Card), a loan and an overdraft with HSBC which adds up to about 26% of my debt. I also have a Marbles card which is run by HFC which I understand is owned by HSBC. Will the Marbles card be classed as an HSBC debt as well?

[MelanieGiles]

Each debt tends to be treated separately, and HFC usually do their own voting separate from HSBC. HSBC will vote collectively on their debts, though, so do make sure you are offering at least 40p in the £ to guarantee success. The marketplace is hardening, and IVA's are increasingly difficult to get accepted these days.

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

[freelili]

If you have debts with HSBC and HFC would these be classed as two separate creditors for IVA purpose? If the votes were separate? (I know they are part of the HSBC group). And is 40p £ stipulated by HFC?

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[Sadsack]

I had debts with HFC and they were the largest creditor. Especially when they included the PP into the mix. It was through Grant Thornton and they were the ones who demanded the modifications - from 25p to 41p and an equity release of £13,000. MBNA voted yes no problem as did the others - they all voted on time but HFC voted long after the creditors meeting.

Goes to show - "its not over 'til the fat lady sings"!!!! (Am making no references to fat - just a quote!!!)

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[mjh24]

barclays are still chasing me, even though my iva was approved last wednesday, i have had 3 phone calls at work and a letter sent to my home address, are they wrong to do this then?

I will learn by my mistakes

[Adam Davies]

Yes they are,the problem is that in a huge organisation information can be slow in getting to the correct dept.
Let your IP know if it persists.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[Skippy]

Littlewoods phoned me a couple of weeks ago and were rude to my mum and when I spoke to them said that they new nothing of my IVA, apart from the fact it was being proposed. I have now sent them a copy of my BR order and they seem to have gone quiet...

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/