has anyone had an IVA of 18% accepted recently

rudeboyroy

hiya asked the question the other day, but my thread was sidetracked on other issues, attempting IVA, with barclays,egg,Halifax amex hsbc and MBna and the most i can offer is 18% anyone had experiance with these companys?

james32_uk

You're screwed with HSBC cause they only accept 35% plus. Dont know about anyone else. Obviously you only need 75% of voters to agree but in my case HSBC were the main lender.

Your best bet is to explore ways to improve your offer through effective budgeting. Or, do you have any capital/equity you can use as part of your offer?

Make sue you go witha non-profitmaking organisation which limits the amount of your repayments that go to the IP as fees.

Emmzi

Roy,

I've reread the original thread, and people seemed to be saying 35% was about the mark.

Why not call Payplan or CCCS and talk it through with them? They will be able to advise better based on your personal circumstances.

james32_uk

Not necessary the case. I was expecting my 30% offer to go through and everybody accepted it except HSBC who brought in new rules a week before my meeting. Speak to Payplan. They will have a good idea and experience with your creditors.

Toto

But as we highlighted in that original thread (thanks to James and his figures) don't forget you need to add the IVA fees on top of the % agreed. So, although James' IVA was agreed at 35% he in actual fact has only reduced his debt by around 50%.

I do think your best bet is to discuss it all with Payplan, they will be best to advise you on what is likely to be accepted based on your own individual circumstances.

kickingkay

set up an IVA then borrow the money from mortgage lender and pay off IVA early
it might be completely unacceptable but im just thinking out loud
thanks

Emmzi

If you have equity in your house you may be expected to sell up/ refinance and pay off creditors anyway. Equity avalable in your house will increae the %age you are required to pay back, too (usually) - so if you do have equity, IVA may not be the best plan for you?