Had my creditors meeting this morning, and my IVA has been approved at the first attempt without any significant modifications.
MBNA, Tesco Visa and GE Capital voted yes, Barclays and Morgan Stanley didn't vote.
I think I had a few things in my favour: firstly I was using a firm of accountants specialising in insolvency, rather than one of the IVA 'factories'. Secondly I have no assets, so it was pretty clear that if the IVA was approved then none of the creditors would get anything. Thirdly, prior to running into financial difficulties I had around 15 years history of making loan and credit card payments on time. And lastly, like some other people on here I managed to speak to someone in MBNA's specialist IVA unit and had a very long conversation in which I was able to explain why the alternatives they were offering (DMP or short settlement) were unlikely to be viable for me.
I would like to publicly thank my IP, Alan Thornton at Bulley Davey, and all those on this forum who have answered my various questions. Now I just have to find £325 per month - better than the £1500 plus I was paying out before.
All the best, Richard
