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Hi all,

My IVA is currently being drafted through CCCSVA. My main creditor is HSBC and in order to get them to agree, CCCSVS would ideally like to offer £0.40 in the pound. On my current budget i am falling just short of this. CCCSVA have just rang and asked if i would mind hanging on a couple of weeks until a large meeting of creditors (which is about to take place) has concluded as the outcome could possibly be that the one or two overly restrictive creditors (such as HSBC) may become more leniant.

As you can imagine, i would desperately like this issue sorted as soon as possible, but do appreciate that it may be worth 'hanging on'.

My two questions are this

1)How significant is this meeting of creditors which is taking place and what are the likely outcomes.

2)Is it wise to sit and wait for the outcome? I am at a point where the draft proposal could be checked through by myself and be back in the hands of the CCCSVA to present to my creditors within 7 days. If i wait till the fallout of this meeting, it might not be with me until maybe 5th Feb.

There is no indication currently that HSBC are likely to remove the 40p hurdle rate - unless CCCS know something that the rest of the insolvency profession don't. Although there is a meeting of creditors and the insolvency profession scheduled for 29 Jan 08 which may result in some new information being made public.

There is no harm in putting forward the offer now, and have you thought about extending the IVA for a few months to try and meet the hurdle rate?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Thanks for the advice Melanie!

I will ring CCCSVA and enquire about extending my payments. Do creditors look on this in any worse light, or id there just as much chance of a 5 year agreement being accepted as a 5 years and 6 months agreement?

Creditors would generally prefer you to present a five year arrangement, but in this case if a sixth year gives them what they want it has to be worth a try.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi
CCCS must know something that the rest of us don't !!
HSBC are represented by TIX and it would be good to see this 40p hurdle rate removed.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp