David, At the end of your post you mentioned I have used it. Do you actually write this on the letter or are you just indicating that you have written such a letter.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
After receiving letters from MBNA (and other creditors) threatening to issue a default notice and take court action, I notified them (and our other creditors) that we were considering an IVA. (That was before we went to Abacus/Cleardebt.) The phone calls increased dramatically - obviously had them worried!
I received a letter from MBNA today which you might find intersting:
"We are sorry to hear that you are experiencing financial difficulties, which are preventing you from making your minimum monthly payment to your account, and understand that you are considering entering into an IVA.
An IVA is an excellent form of debt relief; however as a valued customer we would like to advise you of options we can consider, to assist you through this difficult time.
... Partial Settlement;settlement of your account once and for all at a substantial reduction to your current outstanding balance...we would not persue you for the remaining balance. (not sure where I am going to get the money from!)
....Debt Management Plan... we may be able to determine a unique, affordable and sustainable level of payment for you and reduce or suppress your interest.
... You have our assurances we will do whatever we can to assist and support you at this difficult time...."
It would appear that they wish to avoid an IVA at almost any cost – this should be helpful when presenting the DMP as we both have credit cards with MBNA and I understand they are not the easiest company to please.
I posted letters this morning to all our creditors saying that we had changed IP (to Abacus)and were proposing a DMP. It will be interesting to see what response we get.
I'm sure I read a post a couple of days ago from someone who had had a similar offer from MBNA. I think we've got them on the run!
Last edited by angelc on Mon Apr 27, 2009 9:41 pm, edited 1 time in total.
"It's better to be in control on a small budget than to be out of control on a large budget."
Me and my wife both received the same letters from MBNA. Have to say it is the first written communication we have had from them.
Perhaps they have finaly got their Treating Customers Fairly policy working properly? Either way, I would add that I haven't had any issues with MBNA thus far!
hi Ginskipper,
I am glad that you have not had no problems with MBNA. In my case, it just seems they are the ones that are chasing my debt the most aggresively, despite the number of times i inform them of the situation. However, as i said early, today was the first time one of my creditors had been very awkward when dealing with them.
Still, i only have to go to wait until mid may and hopefully all calls will stop and the IVA is approved.
I was firm and polite with MBNA, but i can see how they can pressure people into making decisions that are not correct for their current predicament. I was told "bankruptcy is better than an IVA" or i could have a DMP written up by them.
[:D]
It is grand for MBNA to make these offers of assistance, however you do need to be sure that they also have the interests of your other creditors in mind as well - otherwise you may find that you are being encouraged to prefer one creditor over the others.
As with all things, professional advice is the key to effecting a proper settlement with your creditors which best suits your circumstances.
Hi jackie90, no meeting yet just had all of the paperwork confirmed and a draft proposal is being drawn up so I have some momentum now. I am a little concerned about what Melanie has said about MBNA as they are my biggest creditor, but I beleive her office will do the best thing for me.
Good luck with everything and keep me posted on your progress.
Approved 3rd June 2009 first payment made on the day.
Offer made and settled - happy days
76.5k debt creditors:- Northern Rock, MBNA, Barclaycard, LloydsTSB and Capital One
Some of my creditors were very good and others very bad. Barclays passed their debt to Mercers who were still very threatening even once my IVA was started being processed. MBNA (Alliance and Leicesters phone calls were always very polite but usually different - "let our IVA department help you", "yes I see you are doing an IVA but I still need to do an income and exp now over the phone" - which of course I refused on the grounds that all creditors had to be treated the same. At the end of each varying phone call after accepting I was in dire financial circumstances they sill asked if I could make a payment that day over the phone - had they not listened to me - no I would not like to make a payment over the phone!! I just kept my cool and left they in silence a lot of the time which was a tip from this forum. The message seemed to get through quite quickly once my IVA was signed.
