MBNA Rules advice

[babs]

hello

my sincerest apologies for causing problems. i honestly didn't realise that i had filled in the wizard and obviously didn't read anything properly.

i am appreciative of the advice i have received and so sorry to have upset anyone.

will try to make sure that i read things before i submit them in future.

best wishes
babs

[Adam Davies]

Hi
No problem,the integrity of this forum is paramount,we were worried that it had been compromised.
No harm done
Regards

[ladyc]

I completed the wizard and was contacted by someone who scared the life out of me. He said the likes of me should sell my home and pay back the creditors. When I protested that I had nowhere to go he said I could go into local corporation place. As though you're given one overnight. He also said I can tell you now that all your creditors will have charges on your home within a year.
That is the honest truth. He frightened the life out of me.
He virtually called me a liar when he quoted a sale of property in my street and I tried to say that was a detached place. He said it says semi on up my street or something like that I assumed he was quoting from. He wouldn't have it that their info was wrong only that I was lying.
I wanted to run away after what he said. Fortunately I have now picked myself up and will carry on as best I can.

[MelanieGiles]

What a horrible experience, from one who is supposed to be there to offer you free support and advice.

[Adam Davies]

Hi
Can you remind me how much your total unsecured debts are and how much your equity is
Thanks

[ladyc]

At that time it was £83000, it is now £68000. The equity is around £45000.

[connie]

i've had problems with mbna as well.
both me and my hubby had cards with them. they've now sold the debt on. mine has been sold to a horrible company who are really nasty when they write and phone and my husband seems to have been sold to a nice company who are willing to accept his dmp payments so long as they do reviews on it every so often, when they ring and he says nothings changed there like ok no problem thats fine. i found it really strange how there was such a difference in approach. no matter how many times i tell them i have a dmp they just point blank won't listen and just say there gonna take me to court or do an attachment of earnings. they mainly threaten me with the aoe.
i know the company who my debt was sold to will vote no in an iva i can just tell.

[sblack]

Hi Connie,
Which companies have the debts been sold to ?

[Joozee]

Hi My Creditors meeting is today and MBNA are still being a pain. They are maintaining that becuase i've only had my card since December 2007 (when I did a balance transfer) they think they can be exempt from the IVA legally! They have rung me twice today saying the same thing. MY IP is seeking legal advice on it.

[ianmillington]

Then I assume they've been outvoted?

I can only repeat what is said earlier, if they are a creditor, they will be bound by the majority vote. They are just as bound by the law as anyone else. I think they are making a lot of noise just to spread FUD (Fear, Uncertainty, doubt). I can't see how their claims hold water legally.

Good luck with this.

Ian

[MelanieGiles]

Ian is absolutely correct - they are bound and that is a matter of fact.

[connie]

sorry i'm a bit late replying. my debt has been sold to cbs transcom and my hubbys is capquest.
can they disregard debt from an IVA then if you've only had it a short period of time?

[MelanieGiles]

No!

[Joozee]

Just thought I'd give a quick update

My IP put MBNA right on the points I raised about them opting out and i've not heard from them since, neither has she. They have voted to reject my IVA though.

Northern Rocj are being equally problematic suggesting that I need to pay them 70p in the pound not the 45 i'm proposing and also suggesting that my term be 72 months and that my father (whom I owe a significant sum to) not recieve any dividends.

My IVA has been adjurned twice now and to be honest i'm getting pretty down about it. I have a feeling i'm going to have to go bankrupt as I just can't afford to pay so much back.

Jon

[ianmillington]

Well, I suppose there is one good point, in that they can't argue they are not bound, as they've voted.

Does your father actually need the money he has lent you at the present time? If not, perhaps he could agree to defer his right to dividend (or a proportion of it)in favour of the other creditors, and when the IVA is finished you can then informally reward him for this assistance?

What does the voting look like (in money terms) and has your father voted?

Ian