Hi. I am brand new to this forum.

[Michael1971]

Hi. I am brand new to this forum. I had an IVA turned down in 2007 and have been on a debt management plan ever since. I have now applied for an IVA again on the recommendation of a company called money debt and credit, proposing a payment of £210 a month (34p in the pound) compared with £240 a month I was paying to debt management plan. My creditor meeting is 12th October and I am terrified it will be rejected again. Does anyone have any advice as to the likelihood of it being approved? I know each case is individual but are many Iva's being rejected at the moment ?

[Niobe]

Hi and welcome to the forum,

Why was,your previous one rejected?

I'm sure you'll be ok, not read of a rejection on here in a long time.

[Michael1971]

Hi. I don't know the full reasons why my previous IVA was rejected atother than it was MBNA who voted against it at the time and they were a major debtor. My debts are spread more evenly now. The main ones are to MBNA , co-op bank and Halifax credit card.

[Niobe]

I think you'll be ok, good luck!!

The forum is here for any support you may need along the way

[Michael1971]

Thanks very much for your kind words. I am hoping if they aren't happy with the proposal it may be able to be amended slightly rather than dismissed out of hand leaving me back at square one

[Kelly O]

Creditors voting criteria has changed a lot since 2007 - it used to be case that MBNA would reject IVAs if the debt could be repaid in a DMP within 10years.

So try not to worry and good luck on the 12th

[Niobe]

I think you're IP will fight for you if necessary but let's hope it doesn't come to that.

[Michael1971]

I have been on the DMP for 5 years and at the current rate it will take another 8.5 years to clear. Thanks for your support.

[MelanieGiles]

MBNA used to have a fairly harsh policy on accepting IVAs a few years ago, but have now relaxed this so your application should be fine. Good luck and hope it works out for you.

[Michael1971]

Thanks Melanie

[Foggy]

Hello and welcome. My second largest creditor was MBNA and they accepted my proposal at 31 p /£.just coming up for a couple of years ago --- you'll be fine

[Michael1971]

Cheers foggy. I just find it all very worrying but I'm sure everyone else does too. I was concerned 36p seems really low due to the fees that my insolvency practitioner is charging

[Kelly O]

36p in the £ is a good return to creditors and i doubt you will have any problems

En

[Michael1971]

That's reassuring to hear. Thank you Kelly

[Shining]

Hi and welcome from myself too.

Good luck with your IVA meeting it's on my granddaughters birthday, I'll be looking out for your positive post and we will all be sending our best wishes to you.x