www.iva.co.uk

HI

I have just been reading about certain creditors who seem to be refusing IVA's. I only have two creditors so cannot propose an IVA so I am trying to settle with what is available as a lump sum, however the main creditor is on the 'list'.

What I cannot seem to find out is are they opposed to any settlement or are they simply making criteria constraints?



lily

Who are you Creditors Lilly and what are the breakdown of the debts (i.e. do you have more than one account with each creditor?)

Best Regards
Oliver

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

HSBC loan credit card overdraft

GE Money loan

HSBC 89%

GE Money 11%


lily

Hello Lilly,

So you have 2 creditors but 3 accounts, is that correct? The reason I am asking this is I had a similar case last night and I was advised by the IP that this would be acceptable. HSBC is not a difficult creditor as long as we offer them 40p in the pound.

Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
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So it is not impossible then? I could use an IVA and if HSBC agreed and I could reach the 40p mark with the IP fees.

I actually talked to |HSBC about this and they said that they wouldnt vote or vote no, is this just the call centre staff being stupid? (for want of a better word)

lily

Hi Lily,

If HSBC are prodominant as they are in your case usually they are accepting of IVA's if they are gaining a 40p/£ return.

So as long as you can offer 40p I wouldn't think that there would be a problem, call centre staff are paid to get as much money as possible and to do this they will say anything.

Best Regards. IVA Experts

Thank you very much

I have a third party trying to negociate on my behalf at the moment but it seems to be neverending, I just want to end it now, so its great to know that there may be another way.

lily

Hi Lily

HSBC haver recently announced, via their voting partners TiX, that their protocol for an IVA is two creditors with at least three accounts. And whilst they have been instigating a hurdle rate of 40p in the £ for the last year or so, have indicated that this may be reduced if the IVA proposal fits their specific criteria.

We can have a chat about this on the 4 Sept if you are attending - if not ask your current advisor to explain the new protocol to you if they are an insolvency practitioner.

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