It is well known that MBNA do operate the 10 year rule - but this can occasionally be overturned - for instance if you would be retiring within that 8 year period. It seems senseless that an IP would put something forward and built your hopes up - only to see them dashed by voting criteria which is very widely known.
Sorry to hear the news Missy. I wasn't aware of the MBNA rule either, a fair part of my debt is with them, actually quite near the 25% mark so I guess I've got an old fashioned sweat on my hands right now as I wait for things to move forward.
We also have a large part of our debt with MBNA and was also not aware of the 10 year rule. We had our IVA accepted last May so all I can say is to seek some advise as to what to do now.Good luck.
Perhaps it is also down to the IP you use and the relationship he/she has with the particular creditor.
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
MBNA wanted us to do there re payment plan over 10 years, glad there were only a smallish creditor. THey are well known for this. Even when the IVA was accepted, they still persisted for a little while trying to get us to do a payment plan.
The David Mond v MBNA court case is on this week I believe. Good luck David, and on behalf of our profession can I thank you once again for taking up the fight singlehandedly.
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 phoned them on Tuesday after I came off here. They basically said there’s nothing they can do. They can offer no assistance with a DMP or BR and aren’t willing to do anything else with my iva so it was basically “nice to know you, thanks, goodbye” – I’ve been totally abandoned to be honest! Can I use this opportunity to warn against Debt Lifeboat – they’ve been really uncommunicative, it’s taken ages to get to this stage and they’ve never even let me talk to my IP. They pushed & pushed me to make the 40% offer for HSBC – it’s stretched me way too far – and I’ve read on here HSBC don’t even insist on it anymore – they told me there were no exceptions.
So, now I’m back on here and need to start with something else soon – I can’t cope with all the phone calls again Any advice from anyone? I guess if my iva is a non-starter then br is going to have to be it. Can anyone give me advice? I’ve been abandoned! I haven’t cried about this yet but I feel it might not be far off.
Missy, speak to one of the professionals on here. They may be able to help you.
Do you have any assets that you would lose if you went BR?
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
If you have decided to go down the bankruptcy route anyone here will help you and there is also the sister site www.bankruptcyhelp.og.uk There are also companies who provide bankruptcy assistance and I believe Vincent Bond can offer that service if you feel unable to go through it yourself.
You could also ask another IP firm to have a look because the 40p hurdle does not exist for all firms. Ironically, by trying to reach the 40p hurdle for HSBC your IP brought you into conflict with the MBNA 10 year rule. An IVA may still be an option and it may be worth seeking another opinion.
Nothing at all, so bankruptcy could be a solution for you. You can fill the forms in online via the Insolvency Service website and there will always be someone on here who can help.
It costs £600 per person and you may be expected to make payments for three years if your disposable income after essential bills and allowances is over £99 per month.
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
