I had a call back today from Baines and Ernst who are trying to get me to go with them for an IVA. When I said I was going with another firm they asked me quite a lot of questions in an attempt to get me to change my mind. The thrust of their argument is that they say that an IVA will not usually be accepted unless it is at a minimum offer of 40p in the pound. Not sure if this is just a sales tactic on their part or not but if it is correct, the calculation I have is nearer 32p in the pound and they say HSBC and many others don't accept that.
I am finding it very confusing, they are almost pressure selling and I don't know what to believe.
IVA Accepted - Sep 2009
F&F Accepted - Oct 2014
CC Received - Jul 2015
Sounds like a sales tactic to me, mine is 37p/£ and I know lots of people with far less than me as well, it is all based on your personal circumstances. Remember that the creditors can propose changes at the creditors meeting, I used Melanie's company and got brilliant service, no sales at all....
Approved 3rd June 2009 first payment made on the day.
Offer made and settled - happy days
76.5k debt creditors:- Northern Rock, MBNA, Barclaycard, LloydsTSB and Capital One
Hi
HSBC have a 40p hurdle rate but there are now several IVA companies that are able to propose IVAs for less than this, where HSBC are the main creditor, and get approval
Sounds like scare tactics to me just to sign you up. Baines and Ernst only deal with DMPs, they have an IVA arm called Blair Endersby.
Regards
Do not go through these people - Baines and Ernst only actually do DMP's, it is there sister company Blair Endersby who deal with IVA's and to be honest (personal experience) they are not good.
Have a look on www.iva.com and look at the various reviews and take free advise from at least 3 providers before you proceed as 5 years is a long time to be stuck with the wrong company [8D]
In fairness, HSBC have had a minimum acceptance criteria of 40p in the pound, but there are certain IP firms that are not subject to that and HSBC will consider all "best offers" from those firms. I have had dividends go through with them at much, much less than that. I believe that your chosen IP is Melanie, and if so then you should have little to worry about re proposing a lesser dividend.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
If you have Melanie as your IP you will have no problems with HSBC.They are my major creditor (40%) - Melanie got mine through at 37p in the pound with no equity clause either and educational expenditure for my son included. Trust her - she knows precisely what she is doing - I might add several firms told me an IVA was out of the question - I hope this will give you confidence.
As an example, I had one approved today at 22p in a case where the client had been on a DMP elsewhere but HSBC were insisting that he made an extra £116 per month on top of his DMP directly to them (as well as what they were already getting from the DMP). This caused him to build up a new debt at his bank on top of his DMP. His VA was accepted at a lesser monthly contribution than his DMP.
With the right provider, as Andy and I have mentioned, there is no 40p hurdle rate from HSBC.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Thanks for all the advice, I am sticking with Melanie but having taken advice on here to speak to a few firms I now can't get rid of B&E, they are worse then the creditors for hassling me!!!
IVA Accepted - Sep 2009
F&F Accepted - Oct 2014
CC Received - Jul 2015
Just tell B&E that you are with Melanie and not to call you anymore.
I had no problem with HSBC with my IVA - they didn't even vote!
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
What nonsense!! I was one of the first four firms to get accepted to put forward proposals to HSBC without the 40p in the £ hurdle rate, and if BE are still quoting that they clearly have not met the criteria in standards and quality required! But they should not be generalising on this issue to make people believe that they could not put forward a lower offer if they were to go to another firm.
