Lizzie I was in the same situation as you 20months ago,decided I
couldnt cope with the situation anymore, so phoned an Iva company. I was dreading getting loads of creditors phone calls so got bt to change me phone number free of charge ( Iv always been a coward).The whole process though very stressful only took 6 weeks till Iva approval and life is so much better than before, it can be a struggle sometimes, but I have enough money to buy what my family needs every month.Its a great feeling knowing that instead of getting into more debt every month is 1 month less to freedom from debt.Pleaese dont despair there is a solution to your problems and you can again have a relitively stress free life. We are all here to help you whenever you need it.
We are just going in to an IVA. We also have a lot of debt thats come out of a massive overspend on a building project! Trust me you will not find a nicer bunch of folks on this site. We had our initial interview with Melanie Nicholas on Thursday[:(], and am now waiting for her to pass our case on to Melanie Giles in order to get the IVA on the go. Dont worry, yoiu are in the right place for suport, and mores so for one of the IPs to steer you in the right direction[;)][;)]. Keep talking and posting and trust me things will get better[:D]
Lizzie
your story is the same as many on here, including me. the phonecalls do get too much sometimes too. but i cannot describe the elation i felt once approved, it was such an emotional rollercoaster leading up to it and days when i could not motivate my self to do anything, bursting into tears etc but i walking on air now. melanie and her team are fantastic give them a call too
hi lizzie
i was in exactly the same situation as yourself and about 6 weeks ago, sought advice and decided an iva was the right way for me to go. After doing a bit of research i contacted melanie and her team and have not looked back since. i know its a tough time at the moment but stay strong.
The support here is fantanstic.
x
Hi lizzie a big welcome from me, as everyone has said you will find this forum very supportive as well as informative. I would definately take up Melanies and David's advice, don't be bullied by anyone least of all someone who just because he is behind a telephone thinks he has the upper hand. I should have made my 16th payment today, haven't checked the bank yet and it goes out on the first so can empathise as to where you are now, that was me in June 07, i made the call and haven't looked back i won't pretend it is easy because it isn't but you have made the first step to sorting out your debt problem and for that you should give yourself a pat on the back.
Good luck in whatever route you choose.
15/16 down and 45/44 to go
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Hi Lizzie
welcome to the forum, i am quite a newbie too. I have had quite a lot of experience with MBNA. My Husband and i owe them quite a bit and have been in DMP's the last few years but are now going the IVA route.
When we first got in trouble MBNA were the worst of our Creditors. What they basically do is add on charges and interest for the first 3 months on any DMP if you have spent on the cards. They then advise that they will freeze interest and charges as long as you pay back within 10 years. They do stick to this but you have tp pay the debt back over a 10 year period.
On one of my husbands cards he was not able to pay them the monthly payment they required so they passed the debt to NCO. They will threaten you with all sorts such as seizeing your assets. Try and keep a cool head and rememeber they are probably on a bonus if they get a promise of payment.
They seem to think that being an American Company they do not have to abide by British Rules!!!
Do not let them intimidate you as that is how they operate to try and get results.
Good Luck
Karen
It is interesting to learn of their policy in DMPs - which seems to suggest that they take no account of what you can afford to pay in dictating that it should be repaid over a 10 year period. So long as they do not represent more than 25% of your overall debt, I hope that an IVA does eventually work for you as you are clearly trying your best Karen.
It certainly would be interesting to hear from other posters of their position and experiences with MBNA, or any other lender - what has been said is outrageous - 10 years - that is a life sentence!.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Hi Everyone and welcome to Lizzie.
I had a bad time with MBNA - They are very threatening and intimadating during calls. They seem to play the good guy / bad guy game with one caller saying they can help and cost less than IP's and the next one saying you have to take their offered solution and pay back the debt over 10 years - they wanted more than I could afford so it wasn't really an option for me.
As said by everyone else, this site got me through the bad times with all the suppot and help the members give.
You are all a super bunch of people and I am proud to be one of you!![:)]
chardonnay wrote:
Hi Everyone and welcome to Lizzie.
I had a bad time with MBNA - They are very threatening and intimadating during calls. They seem to play the good guy / bad guy game with one caller saying they can help and cost less than IP's and the next one saying you have to take their offered solution and pay back the debt over 10 years - they wanted more than I could afford so it wasn't really an option for me.
As said by everyone else, this site got me through the bad times with all the suppot and help the members give.
You are all a super bunch of people and I am proud to be one of you!![:)]
Hi Chardonnay.
Are you now in an IVA as we have been worried about MBNA not accepting our propsal and they are one of our biggest creditors.
Thanks
Karen
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
David - MBNA have been operating the 10 year ruling on voting against IVAs for quite some time now, and IPs like myself simply no longer take on IVA cases where they have an influencing vote and where on paper debts could be repaid within 10 years assuming no fees or ongoing interest or charges.
I have discussed this many times with KPMG, who as you know are the main representatives voting for this bank, and there appears to be no change of policy on the horizon. The general tack seems to be to use a DMP until the debt is sold, and then revisit an IVA at a later stage.
Another interesting point for your Standing Committee no doubt!
Thanks Melanie - it is and I will review position on all our cases as I have a sneaking suspicion that their position has changed - its on the Agenda though - thanks
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
