HSBC

[Shining]

HSBC are my main creditors and my meeting is set for next Friday 8th Feb, I received a letter today saying 'Following receipt of an Individual Voluntary Arrangement your accounts with HSBC have been frozen' it just goes on to say return any cards or unused cheques etc., which is no problem. Haven't used the account since September last.

I'm assuming they mean they've received their copy of the proposal? I'm meeting the 40p hurdle they require, do HSBC see IVA's positively so long as best proposal is put forward? I think the nearer the date of the 8th Feb gets the more nervous I become. I'll soon be having to move out into a £9 per night Travelodge as I'll soon be unbearable to live with!

[MelanieGiles]

Yes they do - and you have put the best proposal forward so try and not get too wound up in the meantime.

[emma_t]

I had the exact same letter and rather than put a load of cheques and cards in the post, I dropped them into a branch.

Funny thing with HSBC though they asked for cards, cheques etc back in November and then I had a letter in December informing me that my new debit card (old one would have expired) was ready for collection in my local branch.
I ignored this as thought they would realise the mistake, but no two further letters arrived urging me to go and pick up my new debit card. Eventually had to phone and remind them that I am in an iva and they were a creditor of mine (who voted yes also!!)

Good luck and try not to worry to much[:)]
~Emma x

[Shining]

Thank you both

[cr15py]

I got the same letter from HSBC. Whilst I met the 40p rate, my payments were pushed up by an extra £60/month by TIX.

I wrote back to HSBC and informed them that all my cards and cheque books had been destroyed.

Funnily enough, I got a letter a week after my IVA had been approved, with my annual overdraft agreement of £250 approved, and that I would be charged an agreement fee of £25 for the priviledge.

Sometimes you just got to laugh!!

[Shining]

I feel my proposal is the best I can offer so a £60 increase would be out of the question for me I feel at this point. Did all of you good people in IVA's now have a plan if they weren't accepted, I've no idea apart from cry if mine isn't. I do know I don't want to go bankrupt but if that's my only choice so be it.

[OPTIMIST12]

I found that life took on an air of unreality around the time of my IVA preparation / proposal. I was still finding it hard to believe that such a scheme as an IVA really existed (it seemed too good to be true after years of struggle and I had not discovered this forum at the time!!). I had convinced myself that my proposal would not be accepted. I dont think at that time that I had a "Plan B" if it were to fail - although in reality BR would have been the only option I guess.

In the event my proposal was accepted without any increase in payments - forever grateful to my IVA Company and the Creditors who voted yes.

Would just like to say to isthereanend - there is not much point saying dont worry - because you WILL worry anyway!!!! - but - like you say - your I.P. will have put forward the best possible proposal. Hope the coming week passes quickly and that you get a resounding "Yes" vote on the 8th.

Good Luck!!!!

[Emily]

In these recent times of high cost due a number of economic factors creditors should be more aware of the situation before taking more in the form extra payments or to squeezing the Expenditure down.

If not so then debtors will later have to ask their IPs to lower payments and for the IVA to be extended.

Let's have common pragmatism as oppose to sense and not need jerk reaction from creditors.

The world economy and the Money markets are a very different place to what it was last year and that impact on day to day living.For example,the FSA have predicted that 128 repssessions a day is a possibility due to risky loans

[wen]

While I agree with you Emily, at the end of the day while creditors screw every last penny out of IVA's today, if they then later have to accept a lower dividend or longer payment term, then they will still have got a better dividend then just accepting the lower dividend from the start.

[aguise]

Istheranend , not long to wait now. You are putting forward your best offer in a good proposal. If that is all you can afford then should they try to raise the monthly payment stick to your guns. Accepting a higher figure will only end in your struggling and possible failure anyway. If ours had failed we would have gone bankrupt and still will if problems hit. So far so good and we manage well. You will still find a solution even if things dont go your way, but face that if it happens, you have every chance of success. We are all here to support you.

Ang x

[Shining]

Thanks, I just think the nearer it gets the more nervous I get! Won't be long like you say and hopefully I'll be celebrating x

[cr15py]

I feel my proposal is the best I can offer so a £60 increase would be out of the question for me I feel at this point. Did all of you good people in IVA's now have a plan if they weren't accepted, I've no idea apart from cry if mine isn't. I do know I don't want to go bankrupt but if that's my only choice so be it.

Sorry, only just seen this thread again!! I didn't have a back-up plan. I had however built a buffer of £55 into my proposal under the advice of my IP. If my IVA hadn't been accepted, I would have probably had to continue struggling on with a DMP. I wanted the "security" of an IVA though, which is why I plumped for that over continuing with a DMP, even though there would have been a minimal difference between the two from a time-v-repayment perspective.