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Hi there, I'm in the early stages of my IVA process, I have just sent out letters of authority to my creditors and my IP meeting is next week, all was looking OK until I found out that 2 of my big creditors, HFC Bank, are linked to HSBC ! I was just wondering if any one has had any experience of HFC and if they are as awkward as HSBC. It looks like my IP is working on a 26% dividend ! Also how close can you get to the 25% creditor acceptance ? Is there any leeway at all ? I've got no fingernails left and I can't remember what sleep is like !! Thanks Everyone

Hi sahh

I generally find that HFC are a very commercial creditor, who scrutinise income and expenditure accounts very thoroughly. So make sure that your IP fully explains all areas of unusually high expenditure. They do not currently operate under a 40% minimum dividend criteria.

There is no leeway with the 25% rejection rate. 25% or more "no" votes and the proposal will not be accepted.

Stick with your IP and let them take the strain - this is what they are being paid to do after all!

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

Hi hun, i was very stressed before my IVA got accepted, but like everyone said on the forum u are doing the right thing facing ur debt problems. Try not to worry too much hun.
Good luck for next week xx

Welcome to the Forum Sahh,

The way that you are feeling at the moment is completely normal, being stressed, worried and unsure about the future is common. You will see this if you read past posts.

Try and dwell on the positives, on things in your control. Your I.P would not put your case forward if they didnt think it would be accepted. Remember your IVA getting accepted means the I.P gets paid, so its important to them too.

Best Regards. IVA Experts

Hi Sarah
HFC are one of my creditors and after failing my iva they have been very helpful.I am now paying them a set amount a month interest free.It will take me 3 years to pay them back but they actually did except my iva proposal that was 45p in the £.
So try and relax im sure your ip has worked very hard and will be submitting a viable proposal for you.

Goodluck i hope all goes well.

Tracy

Hello Sahh,

Good luck with your meeting next week. Try not to worry about it, you are doing the right thing.

Please let us know how you get on.

Kind regards,
Terry Balfour
IVA.com

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