IVA whats my chances or is it the big B for me!

[kris]

if i can get £15000 from family and friends to pay my credtiors something each, how likely is it that they would all accept approx. 21% of the outstanding, i'm not working and my circumstances are very unlikely to change, i'm a now carer for a disabled family member and have a total of 6 creditors 22k HSBC PL, 25k Lombard, VISA 6k, Mastercard 6k and currnet account debt of 6k to HSBC 60k ish in total. I own a property with my partner. A one off payment to them all in full and final? whats my chances or is it the big B for me!

[freelili]

Hi kris
(same spelling i dont meet many)

I am wondering do you have anything to lose? a house etc. the big b isnt so big anymore.

LILY

[MelanieGiles]

Hi kris and welcome to the forum

I am afraid that your suggested offer will not give the level of return required by HSBC who have a minimum dividend criteria of 40p in the £ and will not budge. I actually got them to accept 37p this week, but it was a hard battle and they do not give up ground lightly!

If the only way you can resolve your debts is by borrowing from family and friends, I think bankruptcy is probably a better option for you.

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

[DebtDummy]

kris, beware of HSBC they will issue a charging order on your property. However, if you are serious about a bankruptcy it doesn't matter.

Good luck.

All I have left is my humour.

[kris]

what if i could sale the house and give whatever is left to them, will that be enough or will they need more? but again it works out at about 25% ish if that.

[MelanieGiles]

Unlikely with HSBC sorry.

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

[freelili]

Kris,
It might help if you could post what your house is worth and the amount of equity you have. I understand that you are now unable to work. I know under IVA full and final conditions HSBC will not accept anything less than 40p and there Iare IP fees on top of that. (around 5K). There may be an IP who could argue for slightly less dividend, given your circumstances, compared to bankruptcy. I am not an expert but I cannot see a DMP as an option long term. I am in a similar situation to you and I am trying to put forward settlement figures myself, (Well I have a financial advisor to help) you could try this also. It must be a really stressful time for you and I wish you the very best of luck.
keep posting, we are here to offer support and hopefully an expert may be able to advise you better than | couldd, after you post the figures.

LILY