www.iva.co.uk

Posted: **Mon Jun 11, 2007 12:32 am**

I have about 210000 debt and tryng to arrange an iva with a proposal 29p in pound. Do I have a fair chance of it being accepted.

Posted: **Mon Jun 11, 2007 8:39 am**

Well it seems to fit most criteria. Do you have any debts with HSBC or Northern Rock? Both creditors have highher accetance criteria.

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

Posted: **Mon Jun 11, 2007 9:58 am**

Currently the majority of creditors have set the minimum return acceptable in an IVA at 25p in the £. However and notwithstanding the fact that you must always pay the creditors to the best of your ability, there are a number of creditors who have set their own minimum criteria (higher than 25p in the £).

Please list details of your creditors in order for us to advise further.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Posted: **Mon Jun 11, 2007 10:19 am**

Good morning Hara,

Welcome to the forum.

Generally speaking, from the creditors’ point of view, an IVA is the lesser of two evils. If you were to go bankrupt, the chances are the creditors will receive far less money than if you do an IVA. Because of this, even though an IVA would require the creditors to write off a lot of money, they usually feel that half a loaf of bread is better than no bread at all.

29 pence in pound seems to fit most criteria and I am sure your IP would only take on cases where he/she thinks there is a good chance of the creditors approving the proposal.

It would be useful for us to advice further if you could list details of your creditors.

Kind regards,

Julia Simavi

Shortlisted for Best UK Debt consultant by Credit Show 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Posted: **Mon Jun 11, 2007 5:58 pm**

Dear Melanie Giles,

i have about 9000 with HSBC

hara

Posted: **Mon Jun 11, 2007 6:54 pm**

In that case Hara, your IVA is unlikely to be acceptable, as HSBC operate a rigid minimum dividend of 40p in the £. Has your own IP not explained this to you?

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

Posted: **Mon Jun 11, 2007 7:36 pm**

what i meant was out of 210000, about 90000 is hsbc debt
thanks.

hara

Posted: **Mon Jun 11, 2007 7:40 pm**

Dear Melanie Giles,

Sorry 9000 of hsbc debts out of 210000.

hara

Posted: **Mon Jun 11, 2007 8:21 pm**

Dear Melanie Giles,

According to my calculations,Hsbc debt constitutes about 4% of the total of 210000.

hara

Posted: **Mon Jun 11, 2007 8:36 pm**

Hi
Well in that case they will not have a majority vote so your 29p may well be enough for other creditors.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Posted: **Mon Jun 11, 2007 9:33 pm**

Oops sorry - I misread the earlier post and thought your debts were only £21,000. HSBC are therefore only a minor problem, and likely to be outvoted on the day of the creditors meeting.

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