I just got home after my creditors meeting where my IVA was approved, and guess what I found on the doormat? A speeding ticket. Not only that, I was driving an ancient diesel Land Rover, and I didn't think it even did 47 mph. (In a 40 zone). In these situations you have to work hard to retain your s...

I thought about this a while ago and came up with the following: 1. Credit ageing. Credit card debt to be split on the statement by month, and monthly payments (after deducting interest) go towards paying the oldest debt first. If any debt is older than six months, use of the card should be suspende...

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 speci...

I rang up MBNA in response to their letter offering alternatives to an IVA. I had a long and interesting conversation with one of the people in the specialist unit they have set up to look at IVA applications. One thing came out of the conversation which might be helpful to anyone considering an IVA...

Very roughly - stock £4K, vehicles £4k, tools £2K, cash £1K, work in progress £4K. Against that I have about £4K in trade creditors, £6K in customer deposits. And the premises are 4 months into a 3 year lease. By the time the landlord has put in a bid for 2.5 years rent in lieu of notice, the shareh...

I am currently trying to arrange an IVA but as my largest creditor is MBNA I am starting to get a little worried about its chances of success. I run a small company (employing myself and a apprentice) which is profitable but not hugely so, has a full order book to July and I am having to turn work a...

It is reading posts like this that give me the encouragement that I need to keep going. Congratulations, and all the best for the future.

Richard

we have just started missing payments and creditors have been notified of our plan for an IVA. How quickly will our credit rating drop to rubbish? Judging by what I received in the post today, very quickly. I missed my first two credit card payments two weeks ago, so what did I receive today? An in...

Hi Steve Thanks for that. The firm I am using is a mid-sized (six offices) firm, with a specialist insolvency unit - so hopefully they are not complete muppets. My IP has been in the business a long time, so I am surprised if he has failed to understand the implications of the overdraft. Possibly he...

I am in the process of trying to set up an IVA, using an IP from a local firm of accountants. He seems very competent and professional, unlike some of the 'IVA factories'. One thing that is puzzling me is how my overdraft fits into all of this. It currently stands at around £900, against a £1400 lim...

Hi everyone, I found this forum when I Googled "MBNA IVA" which gives a pretty good idea of where I am coming from. £50K debt (£30K to the aforementioned Maryland Bank), no assets, £900 per month income, and an IVA proposal hopefully going out to creditors by the end of next week. I suspect the next...