www.iva.co.uk

Has anybody got debts with HSBC and successfully got an IVA and paying back less than the 40p in the pound?

My meeting is next month and it is set at 37p.

Please advise. Thank you!!

IVAs have gone through at less than 40p and the agents for HSBC say that all offers are considered and best offers accepted. If there is a problem at the meeting your IP should be able to resolve it if it is your best offer as the difference is minimal anyway.

Best of luck with your meeting.

In my capacity as Chairman of the Debt Resolution Forum I had a meeting (with another colleague) with HSBC last Friday and they have confirmed that there is no "hurdle rate" and each case will be treated on its own merit and also depending on the performance of dividend flow from practitioners in respect of past cases. A Press Release will be formulated soon (subject to HSBC comment) which will be issued by the DRF.

There have been IVA going through that stupilated no less than 48p to the pound with tight Income and Expenditure budgets and resonable IP fees where HSBC is not the majority holder of the debt.

I think we need all the Banks to lay down their positions in the pence/£ formulae clearly on this one. Or else we be in the same cesspool of confusion that we have seen with the alleged 'Bank agreement of a government Bank bale out in return for 2007 levels of public lending' saga. [What agreement now we are withnesssing??]

With banks you have to hold them by a contract of law or by legal dicreed as they are forever prefer to go with woollie guilelines than rules.

They are made of Teflon....nonstick...when it comes to obligations.

Banks should treat each case on it's own merit. Some people can only afford to pay a small dividend, others quite a high one.

If there is a written criteria, and a 'hurdle' rate set in stone, there will be a lot of people who won't be able to get an IVA.