I had my IVA REJECTED

[freelili]

Hi

I am not an expert, but couldnt you try to deal with MBNA yourself and then put the IVA forward? It might take some of the pressure off while your weighing up other options,or other IP's, if the other creditors were happy then you could just resubmit after you have dealt with MBNA, who seem to want to do deals outside of IVA's at the moment.

Well its just a thought. I wish you well, I am sure this is a really difficult time, good luck

LILY

I asked God for a solution and have to live with his reply.

[MelanieGiles]

Hi sk

I don't think it is appropriate for me to speak to your IP directly. I would not appreciate another IP telling me how to do my job, and I am sure neither will he. He must rely upon his own knowledge and experience in taking the decisions which he has chosen to make.

Lily's suggestion of talking to MBNA is a good one - MBNA tell me that they like their customers to maintain dialogue to see if they can help - but MBNA have made their position clear - they want the same dividend your IP offered but do not want to be party to an IVA. They must have their own reasons for taking this stance, and should be respected for their position. My point is, I do not see why you cannot do both - especially if you have funds immediately available to effect settlement from your remortgage.

I recently dealt with an IVA for clients who were offering 40p in the £, and MBNA wanted 30p in the £ to remain outside of proceedings. And that is exactly what was done with no party being prejudiced.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

S.K
Pick up the phone and speak to another company and get a second opinion.
I would suggest using a company on this site.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[s.k]

If I pay off MBNA with a remortgage can I just resubmit IVA .Basically I will not be able to have another restraining order granted by the court. All these creditors have been waiting a long time for payment so maybe they will not accept IVA. some have sold on debt to debt collection company.

[MelanieGiles]

I would put your IVA forward on the basis of MBNA being excluded and get MBNA's express written agreement to accepting your 40p offer at the same time. Assuming that creditors accept your IVA, you can then draw down the mortgage monies and get everyone paid.

Can you list out your other creditors please, and what do you mean by you wil not be able to have another restrating order granted by the Court?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[s.k]

other creditors are Northern Rock,American Express.barclaycard,Egg,Capital One,HFC,COOP Bank,Barclays Bank.
restraining order I mean an order granted by the court whereby no court orders can be placed against me during IVA.

[MelanieGiles]

OK - you mean an Interim Order. You are correct that you cannot get more than one of those per year, but I rarely use them now in any case. Why did your IP do this - were there any creditors threatening charging orders or bankruptcy proceedings?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[MelanieGiles]

OK - you mean an Interim Order. You are correct that you cannot get more than one of those per year, but I rarely use them now in any case. Why did your IP do this - were there any creditors threatening charging orders or bankruptcy proceedings?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Hunter1]

I am very worried now!

My proposal is similar and MBNA have 15% of the vote. They can't fail it in principle but if not many others vote they can.

I have contacted my IP about this - hope they do something!

MBNA have left me a message to contact them - should I do this or let mhy IP have a go first?

[MelanieGiles]

Make sure you keep talking to MBNA - and keep records of who you spoke to as this may be useful for your IP on the day of the creditors meeting. Don't worry. MBNA accept more proposals than they reject - so long as you are putting your best foot forward!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[s.k]

My IP has only followed up an IVA after an Interim order has been issued.

[s.k]

Hi Melanie,
I do need to give my IVA another shot and do appreciate help I have received from this forum.
If I send you a copy of my old IVA can you assist me putting the revised one forward and allow me to appoint you my new IP to win this case.

[MelanieGiles]

sk

If your IP is using Interim Orders for no reason, it suggests to me that he does not do very many IVAs. The need to obtain an Interim Order as a matter of course disappeared about four years ago! Who recommended this particular firm to you as a matter of interest?

If you would like me to represent you then I am pleased to look at your case in greater details, but I will need more information from you. Can you complete the forms on my web-site and a member of my team will make contact with you to have an initial chat. Obviously representing an IVA proposal which has already failed once is somewhat challenging, but I will do my best for you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[s.k]

Thanks Melanie