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Posted: Sat Feb 02, 2008 8:45 am
by shazzles
Hi all
This is my first posting on here. I have my creditors meeting on the 19th Feb, which is when i have a week off work which is handy. I was jsut wondering is anyone on here has any positive stories with the following creditors, i have shown what i owe on each:
HSBC overdraft £1000
HSBC Loan 17000
HSBC card 700
Marbles 8000
Cahoot 5000
Mothercare store card 300
Benificial card 6300
Capital 1 200
I owe 39000 altogether and debt free direct are proposing me paying 22% I am a total bag of nerves about meeting wish me luck!!!!
Posted: Sat Feb 02, 2008 10:31 am
by MelanieGiles
Hi shazzles and welcome to the forum
HSBC are currently operating a minimum dividend requirement of 40p in the £, so your dividend of 22p in the £ if below that and they are a substantial creditor. However there has been talk lately of hurdle rates being removed, so maybe DFD know something that the rest of the insolvency profession do not.
I hope it works for you, and let us know how you get on.
Posted: Sat Feb 02, 2008 11:24 am
by Adam Davies
Hi
Why do we only read of DFD proposing below minimum hurdle rate IVAs ?
They MUST know something that we don't
Good luck with your proposal
Posted: Sat Feb 02, 2008 11:27 am
by snowy
Hi
I really hope for you that they do know something that nobody else does, I would be really very grateful to hear from you if HSBC approve you.
I send you all the best wishes and lots of lucj for you forthcoming meeting.
Posted: Sat Feb 02, 2008 12:45 pm
by MelanieGiles
Another thread to monitor with interest Andy!
Posted: Sat Feb 02, 2008 2:14 pm
by MelanieGiles
That is over 40p in the £, but HSBC did not have the current hurdle rate at the time your IVA was accepted - indeed in those days they were one of the most supportive creditors.
Posted: Sat Feb 02, 2008 5:24 pm
by Hull_Tiger
Without wanting to put on any negative spin, Cahoot also voted against my offer of 42p/£.
Marbles (HFC?) voted in favour though.
Posted: Sat Feb 02, 2008 5:29 pm
by MelanieGiles
What objection did Cahoot have to your proposal?
Posted: Sat Feb 02, 2008 7:16 pm
by snowy
Hi
Hull Tiger - can I ask did you have any other accounts with HFC? how did they vote? if you don't mind me asking!
Posted: Sun Feb 03, 2008 7:40 am
by shazzles
Thanks to all thoses who have replied. Im jsut wondering, i have been told that i will be making repayments of 240 a month if everything goes through, if HSBC only accept 40p in the pound what will this make my repayments?!?!
Sharon
Posted: Sun Feb 03, 2008 8:20 am
by Adam Davies
Hi Sharon
£300 should give a 40p dividend
Regards
Posted: Sun Feb 03, 2008 8:32 am
by Soulgrowth
Just wanted to say "good luck" Sharon.
A letter was recently sent out in error by my IP saying that my IVA has failed (it technically has but the letter was an error!). I haven't heard from any of my other creditors but Cahoot have been ringing and ringing and sending numerous letters ... and I don't even remember having Cahoot as a creditor! Who lies beyond them?
Debbie
Posted: Sun Feb 03, 2008 10:55 am
by Jinx
Hi shazzles,
You may find it comforting to know that when I turned up for my creditors meeting all suited and booted and really nervous... None of my creditors were actually in attendance only HSBC who were the majority creditor had bothered to vote by proxy accepting my proposal.
Cant guarantee your's will be the same though sorry! Dont forget an IVA is as much to their advantage as yours!
Posted: Sun Feb 03, 2008 11:16 am
by Soulgrowth
That was very committed of you Jinx! I just had to be by the phone when my creditors meeting took place. Has anyone else had to attend their IVA creditors meeting?
I did last year have to attend Kingston-upon-Thames court re a charging order on my property ... it turned out to be the day they heard the bankruptcy petitions ... there were LOADS of them ... it really helped me to realise that it's just a process and a formality. Amazing when you think how behind every "process" is a human story.
For my work (Funeral Minister) this is the time when the suicides come in. I have three services for suicides this coming week ... typically thirty something year old males with history of debt and resultant relationship/family problems ... it really aint worth it folks!
Debbie
Posted: Sun Feb 03, 2008 1:07 pm
by shazzles
hi an thanks for replying. what was your offer to hsbc if you dont mind asking..?
Anybody else got any views on my creditors in ivas??!?!
Jinx wrote:
Hi shazzles,
You may find it comforting to know that when I turned up for my creditors meeting all suited and booted and really nervous... None of my creditors were actually in attendance only HSBC who were the majority creditor had bothered to vote by proxy accepting my proposal.
Cant guarantee your's will be the same though sorry! Dont forget an IVA is as much to their advantage as yours!