www.iva.co.uk

Posted: **Mon May 19, 2008 7:46 pm**

Hi

Just some advice

I have a creditor meeting soon - 3rd June 2008.

My IP has put forward an offer of 25p in the £ for a 60 month iva.

What are my chances of this going through????

I have 50% of my £70,000 unsecured debt with hsbc

Posted: **Mon May 19, 2008 7:59 pm**

hi Gail

im afraid i have no idea of your chances, but i do read on this forum alot that your IP normally only puts a proposal through if they think it will be accepted, maybe you could post who your IP is and then somebody might have had some experience with them

fingers crossed for 3rd june for you.

Posted: **Mon May 19, 2008 8:07 pm**

Thanks I am with debt free direct

Yeh I was told I have a good chance but just get a little concerned when I hear this 40p in the £ hsbc rule

do we know if hsbc have accepted 25p in the £ in the past

I am not a homeowner

Posted: **Mon May 19, 2008 8:11 pm**

i have a funny feeling i read a post by Melanie saying that she succesfully put an iva forward for less than 40p with HSBC, i will try and find it, im sure someone will have a bit more knowledge than me and be posting soon,
try not to worry in the meantime Gail

Posted: **Mon May 19, 2008 8:14 pm**

hi - i have read that post by melanie too! not sure what percentage it was accepted under but it was under the 40p hurdle!

good luck and try not to worry am sure a expert will be along to advise you!

love barb x

Posted: **Mon May 19, 2008 8:15 pm**

thanks just had loads of calls from banks asking for money today, and i feel really upset and want this iva to go through more then ever.

Posted: **Mon May 19, 2008 8:19 pm**

Gail

I will be very interested to hear whether your IVA is accepted at 25p in the £, and sincerely hope that it will be. Are HSBC owed more than 25% of your overall debts?

Posted: **Mon May 19, 2008 8:21 pm**

yes they have 35%, have you had any that have been approved at 25p in the £ where hsbc has been the main credit company

Posted: **Mon May 19, 2008 8:22 pm**

gail could your propsal not be put forward over 60 months to give you a higher return, thats what happened with us as nr was main creditor - just a thought but i am not an expert!

hope you get things sorted!

barb x

Posted: **Mon May 19, 2008 8:23 pm**

sorry my last post should have said over 72 months not 60 months.

my heads in the shed tonight!

barb x

Posted: **Mon May 19, 2008 8:24 pm**

my ip has put a 60 month iva through - not sure if it can now be extended

Posted: **Mon May 19, 2008 8:28 pm**

perhaps if you are worried you should speak to your ip and tell them your concerns because hsbc are your main creditor, i have heard that hsbc can be awkward but like others have said i would think your ip would only put the propsal forward if they were hopeful it would be accepted!

sorry i cannot help you more but please keep posting as you will get lots of support on this site!

love barb x

Posted: **Mon May 19, 2008 8:30 pm**

i may give them a call - melanie would you have put this iva through?

Posted: **Mon May 19, 2008 8:32 pm**

Gail

I have to be honest and confirm that I would not put forward an IVA offering only 25p in the £ where HSBC are an influencing creditor without running past the firm that represent HSBC first. They continue to tell me that there are exceptions, so it will be interesting to see if any are made for the IP firm you have chosen to represent you.

I wish you every luck, and do let us know the outcome.

Posted: **Mon May 19, 2008 8:32 pm**

hang on in there gail, i am sure melanie will answer you.

she may however need more details from you before she can advise you!

good luck

barb x