I have an OD with First Direct (£4900), and a personal loan with First Direct (11950) currently outstanding. I also have a CC with M&S (£3000) along with a M&S loan (£22000.00) outstanding.
Now FD are owned by HSBC and M&S finance are also a wholly owned subsidiary of HSBC.
My question to members is the total amounts above = £41k, which equates to just over 43% of our total debt which we are looking at proposing an IVA for.
Now all the above in theory is a debt owed to HSBC, albeit under different operating titles. Will this mean that one vote at the creditors meeting will be cast for the total debt owed to HSBC, or will FD and M&S vote separately?
I had debts to Halifax and Lloyds (all part of the same organisation now), but they voted separately. I think a lot depends on if the subsidiary is run as a separate business or not. Most of the retail type banking is a backed off service where they do little except act as a middleman, I know this is the case with things like Tesco (although they are now launching as a bank in their own right, so this will change if it hasn't already).
I'm sure someone else more knowledgeable will be able to add some hard facts to my ramblings soon.
I know FD and HSBC run close to each other with IVA's, but not sure how other debts (other companies) run alongside this.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
