pence in the pound

[charliesbird]

I have been told that you will only be successful with your IVA if your dispodable income allows you to pay back 27p in the pound to creditors - can anyone confirm if this is correct or how may pence in the pound your creditors will accept?

[Viki.W]

Hey charliesbird, there is no "set" dividend but I think HSBC sometimes don't accept lower than 40p. This may not still be true though, I'm sure Melanie will clarify that. X

[charliesbird]

thanks vikki - it is the banks I am worried about as nearly all my debt is with banks

[Viki.W]

Charliesbird, why don't you list your creditors and the amounts you own them, the technical experts can advise you then. X

[Soulgrowth]

Hi Charliesbird

Your IVA payment will be based on what you can afford ... mine was 24p in the £ ... and my Full and Final offer was recently accepted at 19p.

Debbie

[MelanieGiles]

Absolute tosh!! I imagine that it was not an IP who gave you that advice.

Viki is correct in that HSBC have a hurdle rate of 40p in the £, but curiously they are the only lender who does. I have recently seen IVAs accepted for dividends as low as 17p - and in my time I have done them for as low as 6p (special circumstances of course!)