IVA approved! thanks to everyone who posted

[freelili]

Well I wish you the vety best of luck with it and hope that HSBC will be prepared to bend. I was going to do an IVA with them.

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[ordinary_world]

Just reviewing PayPlan on www.iva.com and the following makes interesting reading:

http://www.iva.com/iva_review_detail.iva?r=83

I know the role of the IP changes pre/post IVA agreement but sounds as though PayPlan have a bit of Jeckell and Hyde in them!

Who are PayPlan's sister company anyway?


Beware!



OW

- 'I wont cry for yesterday 'cause there's an ordinary world somehow I have to find...'

[Sensible77]

I had a letter from PayPlan yesterday confirming that the date for the Creditor’s Meeting will be at 1pm on Wednesday 30 May. I’m very pleased it’s so soon as I can spend less time worrying about it. I have a few questions to ask PayPlan on Monday but in the meantime anyone’s advice will be greatly appreciated. PayPlan have said that it may be beneficial to attend the meeting but if I am not able to then I will need to make myself available by telephone. It’s quite a way away from where I live and initially I thought that I would like to attend, but then I thought that if it gets rejected I’d rather be at home, so that’s where my wife & I will be.

How does the meeting work? I understand that it’s not a meeting as such but that my creditor’s representatives will phone my IP with their decision and also to inform my IP of any modifications they wish to make. If there are modifications, does my IP ring me to see if I can agree to them straight away and if so, then my IVA is accepted the same day? PayPlan have told me that the meeting can be adjourned for up to 14 days to give me time to consider the modifications.

Having read other posts, I see that it can be a few hours after the meeting time before they have been contacted. I assume that this may be due to the fact the IP and the creditor’s have been discussing things themselves without having to involve the client.

I feel very nervous at the moment but I will appreciate all responses, whether they are what I want to hear or not!

[Sensible77]

PayPlan's sister company is The Payplan Partnership. This is all detailed on their website. Although I initially had reservations about PayPlan as detailed in this thread, I am happy with them now. I have been made aware of any pitfalls that could happen and they have answered all my questions in an understandable and timely manner. I think the comment "beware" is unnecessary.

[MelanieGiles]

Leave the managing of the creditors meeting to your IP - and if you don't hear immediately that is probably because they are talking to the creditors on your behalf. There is no real benefit in attending the meeting, however do be sure that all creditor modifications are properly explained to you before you agree to any of them. If necessary get the IP to e-mail you a hard copy so that you can study them carefully with your wife.

And the very best of luck for the 30th and don't forget to post the outcome.

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

[Sensible77]

Thanks, Melanie. Your feedback is very much appreciated.

[ordinary_world]

Apologies, hope I didnt offend!

I wish you all the best for the 30th.



OW

- 'I wont cry for yesterday 'cause there's an ordinary world somehow I have to find...'

[Sensible77]

No offence taken. Thanks for the good wishes. We're all in the same boat and just want to see light at the end of the tunnel.

[scaredkez]

good luck for the 30th sensible hope all goes well
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Sensible77]

Thanks, scaredkez. I've read your blog. It really helps when you know you're not the only one. You had Black Horse, I've got HSBC who sound just as bad and they do worry me but I will see what the 30th brings!

[Sensible77]

Only 2 more weeks to go till D-Day. All the cheques that I've sent to my creditors as token payments have been cashed. Is this a good sign or does it not mean anything? I’ve received a letter from HSBC saying that “following receipt of an Individual Voluntary Arrangement your accounts with HSBC have been frozen”. It then asks me to return my cards and cheque book to them, which I have already done. Again, should I read anything into this or is it just a standard letter?

If the worse happened and bankruptcy had to be considered would only my half of the equity in our house have to be given to my creditors on the sale of the house or all of it? i.e. my wife's half as well. In the IVA proposal it only refers to my half in both the IVA proposal and bankruptcy comparison.

Sorry to ask so many questions, but my heads spinning at the moment.

[Andy2]

What pence in the £ did they propose for the IVA ? Was it still 30p - I am sure HSBC will want their 40p minimum - there is no way they favour Payplan over other IPs just because they support their DMPs. If they have not proposed this in the IVA I am sure HSBC will come back with it as a modification. It will probably mean a slightly increased monthly payment and a slightly larger release of equity but it can be done and so I would remain positive about your IVA.

[MelanieGiles]

Hi again Sensible

Only your share of the equity is taken into account under bankruptcy proceedings, and your wife's share is safe from your creditors. You would also have at least one year for her (or others) to buy out your interest or for you to sell the property, before possession proceedings could be commenced.

Don't look on the dark side however - I am sure that your IVA will be accepted - and Andy2 is right, Payplan have no more pull with HSBC than any other insolvency practitioner.

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

[Sensible77]

Thanks for the replies. The proposal is 30p in the pound. We have gone through our figures and are confident that we could raise it to 40p if necessary but any higher than that and we would really struggle. I understand that Payplan have no more influence with HSBC than anyone else. With regard to the token payment cheques being cashed and the letter I received from HSBC, should I not read anything into them? Personally, I don't think they do make any difference.

[Sensible77]

I’ve received 2 letters from Capital One today, (I had 2 credit cards with them).
The letters are explaining why I have been sent a default notice.

To quote from the default notice: “Nature of Breach: You entered into an IVA with your creditors on 14 May 2007. This breach is not capable of remedy. A default will be registered against you using the date of the bankruptcy order as the date of the default.” It then lists further action and finishes with “No sum of money is required to be paid by you under this Notice. The Bank will participate in any dividend paid by the Official Receiver or by your Trustee in Bankruptcy”.

Does this mean they will be voting yes to my proposal to be made on 30 May? Also, why do they use the word bankruptcy when they’ve acknowledged the IVA?