www.iva.co.uk

Hi
I am thinking of entering into an IVA and have been speaking with Payplan about this. I have about £23,000.00 worth of debt and £6,000.00 of this is to HSBC. I am informed they usually refuse IVAs. Is this correct and I dont want to go down this route if its a no go! Thanks

Hi there and welcome to the forum.
No they dont refuse iva's they sometimes want to see a return of 40p in the pound, but I think this is relaxing slightly. Wait for the technical experts to advise though.

Ang

Hi CF1.

I feel you have been told very misleading information by payplan.

HSBC are not rejecting at all, I had a conversation with them this week and have been advised they have removed there minimum dividend hurlde.

I would suggest you take a second opinion on this.

How much disposable ncome do you feel you have at the end of each month before you pay your creditors.

We owed the majority of our money to HSBC and my husband got a 100% acceptance for his voting and I did too from HSBC. They are very supportive in my opinion, I did just meet the 40p hurdle rate but as stated above they appear to be relaxing that too now. Good luck.

Hi
A very strange statement from Payplan.
They are a supportive creditor that no longer have a 40p hurdle rate.Maybe the advisor from Payplan is stuck in some kind of time warp ?
Regards

Dont actually think i have ever seen HSBC reject a proposal !!!

Even when they had the 40p in the £ they still accepted with a modification to increase payments to achieve 40p in £

Carl - you were obviously not in this industry when HSBC first introduced the 40p in the £ rate. This resulted in many rejections.

I have not been advised of any removal of hurdle rates, and have put a query into TIX to verify this. If there is a change, all IPs ought to have been made aware of this, and not a select few. Were you talking to HSBC direct, or TIX?

Now you mention it i do remember the problems they caused when it first came in and how Tix enforced it for other creditors aswell when voting for HSBC.

It was TIX and the conversation took place on Monday - we have a case were the dividend was 36p in the £ and wanted there advice about accepting a 6 year IVA to satisfy there hurdle rate.

And there response was they will no longer be enforcing the 40p in the £

Thanks for sharing that information Carl. I have asked TIX to also now verify that for me.