The meeting was held at 10:30 am and although Egg and HSBC accepted the IVA MBNA rejected. Their reason for rejection is that with your surplus income of £240 per month you can repay all your creditors in full within a 10 year time frame. It would actually sum up to 8 years.
Unfortunately they hold 41% of the vote and cannot be voted and are not willing to change their minds so the rejection stands.
Missy80. I am really sorry to hear your IVA was rejected but is your IP not trying to overturn the decision? It is true your IVA does not meet with MBNA criteria but those criteria are not actually set in stone.
Did your IP just send an email and not ring you to advise of the options available?
Thanks MP, yeah they emailed, although possibly tried to phone, I've been in and out of meetings at work. They aren't very good to be honest, I've only read bad stuff about them on here (I am one of the many who, if I'd come on here sooner, would've gone with Melanie!)
So sorry Missy. As down as you will be feeling now, I`m sure there is a solution and I`m sure it will be found...At the end of the day, you can`t pay what you haven`t got. Keep Strong.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
Hi
Did your IP warn against a possible rejection ? The ten year MBNA rule is well known and should have been brought to your attention.
Davis Mond was challenging MBNA in the courts over this, does anyone have an update ?
Regards
Sorry to hear your news Missy - have you pushed your IP to make sure they have done everything they can to challenge the outcome?
I'm sure you feel awful at the moment but get as many answers as you can from your IP.
We're all here for you, whatever you need.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Sorry to hear your news Missy, I really feel for you.
Perhaps you could do a DMP for a few months and then try again?
Not heard anything at all Andy. Size5 hasn't been around for a while has he? He would probably have known.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
i am so sorry, how awful for you
