www.iva.co.uk

Hi

I am waiting for the now iva laws to take place as my main creditor is HSBC who require £.40 per pound which I can not afford, but after speaking to Mels team I was advised it may be possible to go for an iva when the new 51% rule for iva approval vote starts.

I am struggling to pay all my creditors now

Have we any solid news on when this will start???

Thanks
Imran

We hope that it will be available in October 2008, and in the meantime a Debt Management Programme will at least allow you to pay something to your creditors in the meantime. There may also be some adjustment to the HBSC hurdle rate in future, but at present we are all stuck with it.

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

October 2008???? i was told told march/april 2008 has this changed?? and is there a chance october 2008 could change to 2009 ?

What is the best way to find out if the HSBC 40p rule changes at any point as this will clear the way for an iva for me.

Thanks

With government legislation there is every chance that the date may change, the reality being that no-one knows when this procedure will be law.

I am sure that if HSBC change their rules in the future, there will be much comment about it on the forum, so keep watching over the next few months.

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 Mel

I am trying not to go bankrupt but only have a few months left to decide and hope some laws change to allow me to go for an IVA.

As you have regular contact with banks, have you had any indication that HSBC may change the 40p rule at some point ?

Its just that i can hold out if there is hope, ottherwise it is going to have to be me going bankrupt, and i wll lose my job also.

Thanks for your advice

HSBC's 40p in the pound ruling is not set in stone for all cases.

Just started my IVA as from 12.10.07

Mel would your team take on a case for around 30p in the £ where hsbc is a main creditor - i dont whant to go to any company as people out there will say yes and a few months later i will get dissapointed.

We'll give it a go - and would you be prepared to extend to a sixth year to improve the offer?

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 Melanie
Didn’t HSBC say they would reduce the hurdle rate if other criteria was met?

Its just a thought. I know the goal posts keep moving. And if IP's were footballers then England would be world cup champions (sorry, I know you are in Wales but could not stretch the point that far hehehe)


Dave Beech

i would complete over 6 years - i will give your office a call

Hi Dave - least said about Welsh football the better!

In the TIX protocol issued in August last year, it was suggested that if IPs adopted the rules then HSBC would consider dropping the hurdle rates, but so far as I am aware the policy is still 40p - or as close as you can get to it.

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 providing some hope Mel i will sleep better tonight ....thanks will call the office in the morning.

Hello Imran7866,

As I said before HSBC's 40p is flexible.

I failed my first creiditors meeting because of them bringing in their 40p ruling.

Payplan who I am with were superb they went back and spoke to them about my situation and they accepted 33p. And thank God they did.

I did not even have to offer a 6th year. But that is always an option for those of us seeking an IVA and any company will tell you in their info pack that an IVA lasts for 5 years but in some cases can extend to a maximum of 6 yrs in certain circumstances.





Just started my IVA as from 12.10.07


What ever deceision and choices we have ever made, are the ONLY and BEST decisions and choices we can make at THAT time with all the info we have to hand at THAT PRECISE moment in time - so no regrets!!

Thanks for this

Do you mind sharing what your situation was total debt...just so i get an idea of what kind of situations hsbc are flexiblw with

If you dont want to share this info its fine.

Thanks

Hia,

Just an idea, feel free to lecture me if I am wrong, but couldn't you wait until HSBC have passed/sold your debt onto a Debt Collection Agency. Would they take less than 40p/£.