Hi there
Firstly, your IP should be independently taking time to verify the exact account balances with all creditors prior to preparing your proposals. Guessing at what the balances might be, could spell success or failure for you, and at the end of the day this is what we get paid to do. Not all loan companies calculate their balances in the manner you describe, and some actually do discount future interest.
I am also concerned as to why your IP believes an offer of 28p will be acceptable to HSBC, at the same time you are saying that your income and expenditure is not correct.
Please bear in mind that you are entering into something that is going to stay with you for the next five years. If you cannot meet the standard dividend criteria, then you really do need to consider whether an IVA is the right solution for you, and you may wish to take a second opinion on this. Have you actually met anyone from your IP company.
If you decide to go ahead with the IVA in its current format, please let us know on the forum the result and the dividend that was eventually accepted.
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