Hi
oh no , if that is the case then i cannot see our IVA getting approved as MBNA will have an influencing vote.
There is no way we can pay them back over 10 years now, so the only option would be BR wnd they would get a lot less or maybe nothing.
Do they use the 10 years ruling if on paper it looks like there to be enough surplus income to accomodate the 10 year rule?
But your Nominee (IP) will advise you and he/she would not put a Proposal forward if he/she did not think it capable of being accepted. Don't worry yet.
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.
The tried it on with me the other day on a case where on paper it would have taken over 12 years to pay off, and retracted their rejection, but I would be less certain on a 10 year case to be frank.
Do let us know how you get on, because I am convinced that there is some inconsistency with voting policies being operated from the coalface, and it will be interesting to see how well your case is received.
