MBNA is suppose to have said this to the Press

[sonyse2t5]

I did a search for them on google and found in a website they have said they do not mind people doing DMPs for 10 years to pay them back.

So they would want IVAs only if it takes you more than 10 years to pay back and can offer more than 45p to the £.

[MelanieGiles]

I don't think so! MBNA will take a commercial decision on all IVA proposals they receive, and decide whether the proposed IVA represents a better return for them than could be envisaged under a DMP. It is widely acknowledged that most DMPs only run for an average of two years in any case, so the optimism of a full 10 year repayment may be unrealistic.

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

[thebear29uk]

MBNA said yes to my proposal at 36p in the £ minimum. Whilst I was waiting for the IVA to go through they offered me several settlement figures.

Like Melanie says, they will make a commercial decision based on the individual offer.


Regards

Dave

[sonyse2t5]

thank you to you both, MBNA is one of my creditors...will know how they will vote next week....

Best regards

[DevonLassie]

Hi Sonyse2t5

I had MBNA as one of my creditors, they voted No but luckily were out voted! Like Dave I received numerous letters from them whilst I was waiting for the IVA to go through, "advising" me that a DMP would be a better option for me and that they would freeze the interest, charges, reduce payments...blah blah blah! If a DMP had been a better option then I would have done that in the first place!

Devonlass

[Oliver]

Being able to pay your debt off in 10 years will not neccesarily preclude you from having MBNA accept an IVA proposal. MBNA will take each case on it's own merits and make a decision this way.

Every creditor would ideally have someone pay all their debts back in time but this is just not practical in every circumstance and creditors are aware of this.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[sonyse2t5]

They didn't vote for mine....but they were outflanked by others even if they had.

No doubt they wanted me to do dmp till my next life

[Skippy]

They didn't vote at mine either, despite everything they told me on the phone!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/