Lou74 wrote:
Hello Missy,
I do hope you haven't had anymore of the phone calls. I am just starting the process, (also with Melanie) and am now into missed payment territory for the first time. I havent received any calls (yet!) but we have 2 cards with MBNA. I was just wondering though, what is the 10 year rule? Just curious, and wondering if it will affect me.
Hope it works out for you
It's (basically, and I may not be wording it right!) if you could pay off the whole debt in 10 years or less with what you're putting forward as a monthly offer they will turn it down. They were over 25% of my creditors so it wasn't passed. I seem to be the only person on here who has ever had a proposal rejected so I'm just unlucky I guess. Sure you'll do better, try not to worry about it. My original IP should have known it would happen but they weren't very good!
Lou74 wrote:
Hello Missy,
I do hope you haven't had anymore of the phone calls. I am just starting the process, (also with Melanie) and am now into missed payment territory for the first time. I havent received any calls (yet!) but we have 2 cards with MBNA. I was just wondering though, what is the 10 year rule? Just curious, and wondering if it will affect me.
Hope it works out for you
It's (basically, and I may not be wording it right!) if you could pay off the whole debt in 10 years or less with what you're putting forward as a monthly offer they will turn it down. They were over 25% of my creditors so it wasn't passed. I seem to be the only person on here who has ever had a proposal rejected so I'm just unlucky I guess. Sure you'll do better, try not to worry about it. My original IP should have known it would happen but they weren't very good!
You arent the only person to have been turned down at the proposal stage,and you have pointed out a very good fact,that your original IP should have anticipated it,a harsh lesson learned but one which you can pass on to others.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I know, it does feel like that on here sometimes though - everyone is doing so well. I wish I'd found this site 6 months ago rather than going through the rest of it. Could be 3 months into a successful iva by now rather than hiding from solicitors letters and crying in the toilets!
Btw, was just called by HSBC re a loan I have with them. They were SO nice! The woman is stopping the calls for two weeks and she wished me good luck with the iva proposal! This is unheard of in all my months of creditor phone calls! I told her she was nicer than anyone else I had spoken to.
missy80 wrote:
I know, it does feel like that on here sometimes though - everyone is doing so well. I wish I'd found this site 6 months ago rather than going through the rest of it. Could be 3 months into a successful iva by now rather than hiding from solicitors letters and crying in the toilets!
Btw, was just called by HSBC re a loan I have with them. They were SO nice! The woman is stopping the calls for two weeks and she wished me good luck with the iva proposal! This is unheard of in all my months of creditor phone calls! I told her she was nicer than anyone else I had spoken to.
Your case, and while this is of little comfort to you I am afraid, hightlights the need to talk to several IVA firms to discuss your options so you know you are getting sound advice. Far too many of us grab hold of whatever lifeline is thrown and frequently that lifelines turns out to be a poor choice!!
You will get there though.[:)]
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I did actually speak to 2 other companies but the one I went with was recommended by the person that phoned me from IVA.com (she said they were experts at dealing with HSBC - errr no, they aren't even allowed to negotiate the 40% rule!)
Still, if other people find this helpful that's good. (It is of no comfort to me at the moment but it might be one day, who knows!)
missy, im with melanie and she got mine and my husbands iva passed last year, we originally got told that my hubby couldnt have an iva as he had majority of debt with one company, but im pleased to tell you that we are 1 year down the road now.
So dont give up hope, i can remember all those nasty phone calls from mbna and i never paid them a penny, they threatened me with court procedings if i didnt pay. I got caller display on my phone and just ignored the ones i didnt recognised. I even turned the phone off a few days as worked night shifts.
So dont panic, if your ever worried just contact melanies office they will put your mind at ease.
Thanks NurseCrippin, that's good to hear - I like success against the odds stories! (you have the best name I've seen on here too!)
It's just very stressful (espcially when they call my parents number) and I know they have to call but as the nice lady from hsbc proved today, you can be nice about it at the same time. It's only work for them but this is my life. I really hope it is accepted this time but I'm trying to save money for BR just incase. Finding the "solicitors are primed to go in on 2nd August" line really really bad, it's all I think about, all day.
missy
if you have internet access to your mbna account, go into your account and change the phone numbers you have listed on there , i did and changed my home no to 0000222333 or something like that it stopped all the calls to my home number and work. [:)]
I did do that and gave them my mobile number instead.
But when they can't get through to me after about a dozen tries they go back to trying the landline. I think they never actually delete it properly from their system, although on the phone they always say they won't use it anymore. I should just answer my mobile more!
The hsbc woman said a token payment of even a pound to all creditors might be a good idea. What do people think? I am really scared of the prospect of debt collection agencies and solicitors etc, they've all been waiting ages for money, it must only be a matter of time before they send in the heavies!
missy80 wrote:
Thanks NurseCrippin, that's good to hear - I like success against the odds stories! (you have the best name I've seen on here too!)
It's just very stressful (espcially when they call my parents number) and I know they have to call but as the nice lady from hsbc proved today, you can be nice about it at the same time. It's only work for them but this is my life. I really hope it is accepted this time but I'm trying to save money for BR just incase. Finding the "solicitors are primed to go in on 2nd August" line really really bad, it's all I think about, all day.
Missy hope you don't mind me asking but I am trying to understand your situation as I am worried about MBNA accepting IVA. SO I take it you were turned down due to MBNA and are now applying for another IVA through the fabulous Mel and team? Have you somehow managed to shuffle your debt to transfer some away from MBNA or does Mel think she can talk sense into them? Also, you mentioned 40% rule, can you tell me what that means?
I was turned down by MBNA as their rule is if you can pay off the debt in under 10 years with a DMP then they won't vote for an IVA. My original IP didn't seem to know this and had set the bar really high because another of my creditors - HSBC - required a 40% on their debt. (However, this is an old rule and Melanie's team were one of the first to be allowed to not be bound by this. Now more companies can do the same - but the IP I was with did not have that right. I think it has to be "earned") MBNA were 41% of my creditors so they had the swing. Everyone else voted in favour.
So by setting my monthly payments high enough for HSBC's 40% rule I fell foul of MBNAs 10 year rule. The IP should have seen this coming! Now Melanie is giving it another go for me, no guarantees it is going to work though but I am trying to stay positive [:)]
Sure you will be fine - if you're with anyone half decent they will have already addressed all of this!
This just goes to show once again how important it is to do your research on which IP you approach to represent you. Melanie has often got cases approved that were previously rejected for quite simple issues that should never have come up and her 99% success rate is that high for a reason!
So glad you found Melanie Missy80 and really glad we are going to be able to help you one way or the other nicola.sa.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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