Proposal figures just through!

[Rainbow]

Hi all have just had a conversation with Grant Thornton and they are in the process of drafting proposal but the figures they are going to propose are:- £516 per month for 5.5 years the extra 6 months is instead of remortgage in 4th year.
Debts £110K Creditors are MBNA, Morgan Stanley, HSBC, Mint, Egg, Cahoot, American Express, Nationwide, Barclaycard, the largest creditor is MBNA who are really nasty on the phone and told me that they would not agree with an IVA and then what am I going to do!?![:(!]
Pence is the pound is likely to be 0.40 what do others think of acceptance, GT have told me not to panic and worry.....[:(]

[MelanieGiles]

I think you have every chance of acceptance with that proposal. You have a good firm acting for you, and I am glad to see that they are trying to deal with the equity in your property via increased payments.

Good luck

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

[Adam Davies]

Hi
Yes,I am pleased as well that your equity has been dealt with in this way.You have a good company in Grant Thornton and the dividend should keep MBNA happy.
Do not worry about the MBNA comment,we,ve heard it many times and from many different creditors on this forum, as the person that you spoke to will have no influence on the outcome as it will be dealt with by a seperate dept.


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Oliver]

I would echo the above looks like you have a sound proposal and I would be confident of acceptance on this.

Best Regards
Oliver

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

[Sensible77]

I owed MBNA £10,000 out of a total of £85,000. They sold the debt to Eversheds who didn't vote at the creditor's meeting. The chairman told me that MBNA are very anti IVA's but Eversheds are not. Have you had a letter from Eversheds about your MBNA debt? If so, you should be OK. Take no notice of what they say to you on the phone. These people have no involvement in your IVA at all, but are told to say these things.

[Rainbow]

Thanks for all the replies. No haven't had a letter from Evershed's had many from Mercer's though!
The creditors I can't get over are Egg and American Express we haven't paid them anything since March and haven't heard a thing from that at all not even a phone call! and I know that GT haven't contacted any creditors yet. Is this usual with Egg and American Express?? Why do MBNA have to be so horrible it's not only what they say but they way they say it...GT have advised us to avoid all phone calls now, which we are screening all our calls.
I really hope that the creditors meeting will be soon but have been advised by GT that it will take 3-4 weeks to draft the proposal and then I don't know how long it will take to set a meeting up, I told GT that we are really worried about the length of time and then just said not to worry.....

[Adrian Ratcliffe]

Hi Rainbow,
I had the same with MBNA and my IVA went through Egg still send me statements and new cards which I send back as for Amex they still havn't cancelled my cards (which I cut up ages ago)
You will get a letter from Evershed's it will say at the top
PLEASE NOTE THIS IS NOT A PAYMENT DEMAND.
That is the only time you hear from them.
Regards
Adrian

[MelanieGiles]

I would not necessarily ignore your creditors' calls. MBNA particularly like their customers to keep them updated regularly - and Andy has a good suggestiom which he regularly quotes to phone them all up once a day to stop them calling you. Tedious, but it works! And no-one can say you have been avoiding the issues.

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