www.iva.co.uk

help my meeting is set for 11th june 2007 but im concerned do i carry on paying bills that come as best i can until my meeting? as i cant guarentee that my iva will be approved

Hi mch
Speak to your company and see what they prefer you to do, some say to make token payments others say pay nothing. Dont pay one and not another as this is seen as favouring one creditor over another. I was told to stop paying everything but as I said speak to your company now and they will tell ytou their preference.

Ang

Hi mch,

Now that the creditors have received your proposal we would usually advise our clients to stop payments.

I hope this helps

Kind Regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

my company said it was my decision to make,my major debts are with hsbc which also where my bank account is which i have change last week to lloyds tsb b4 they froze it.All my creditors get paid direct debit so obviously they wont b able to take money out of my bank account if it has been frozen one of the DD is loan repayment to hsbc which is the main one would they expect payment now that they know ive put in for an IVA?????

It's totally up to you. If you do make token payments try to spread them evenly pro rata to the debt owed amongst your creditors to avoid preferential payment.

Best Regards
Oliver

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

i think that i am going to leave it until my meeting its in 3wks time i just dont no if thats right or not as i want to pay as much i can.I have rent and utilities to pay i have a 3yr old and 4mth old the end of the month is always stressful!i have my fingers crossed that the iva will be approved

well to be honest every week is stressful.

So your IP has been really helpful then???

Stop making payments to your creditors now in readiness for the creditors meeting. If you carry on paying them, some might wonder why you are applying for an IVA in the first place.

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

thankyou i appreciate your advice its a very stressful time at the moment the whole waiting is unbearable

Hi mch,

It sounds like you have enough to worry about with two little ones, so please try and relax a little as there is now nothing more you can do except wait for creditors to read, absorb & hopefully except!

Kind regards,

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

If its any help.. my proposal was accepted on Monday and my main creditor was HSBC! Good luck x

Life is far too stressful!!

thats great im really pleased yrs was excepted i have a personal loan and credit card with hsbc i have heard that they can be awkward
im worried if they say no i have 3 other creditors 75% have to say yes so if other 3 say yes and hsbc say no will it still be a yes?

Hi
It,s 75 percent of voting credtors by value of the debt that they are owed.
So if all four of your creditors vote and HSBC say no and they have less than 25 percent of your total debt then your IVA will go through if the other three creditors vote yes.If HSBC have more than 25 percent of your total debt then they will have the deciding vote,so if they say no and your other three creditors say yes your IVA will not go through.
Hope this helps
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

In my experience HSBC will always say yes if they receive a 40p in the £ return on the money they have lent. I'm sure your IP will be aware of this and will have ensured that your proposal meets these criteria if HSBC have a controlling share of the debt.

Best Regards
Oliver

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

I agree with Thomas Charles, In my experience HSBC are more receptive to IVA's that meet their required dividend a minimum of 40p/£ (rather than 25p/£).



Best Regards. IVA Experts