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mark.sv
New Member
2 Posts |
 Posted - 29 July 2010 : 23:06:46
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I am about to put an IVA application in...
after reading about on the net I am now a little concerned. I have 65K of debts & 38K of which is with MBNA... all the the reports i read say that they never agree to an IVA. Am i screwed? |
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Julie
Forum Expert
United Kingdom
7599 Posts |
Posted - 29 July 2010 : 23:15:33
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| Hi - MBNA do agree to IVA's. What other creditors do you have? |
Julie x
If you can't say anything nice...don't say anything at all !!
Please visit my blog.
http://swansgirl.blogs.iva.co.uk
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nursecrippin
IVA Junior
15 month\s down 45 month\s to go.
United Kingdom
181 Posts |
Posted - 30 July 2010 : 00:56:49
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hiya dont worry, mbna said yes to my iva and i had alot of debt with them, your ip will know how to deal with them so please dont worry |
Heidi xxxx |
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MelanieGiles
IP
31217 Posts |
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Mark600
New Member
5 Posts |
Posted - 30 July 2010 : 08:17:13
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Thanks for the replies.
Julie, My other main creditor is First direct who i banked with, there debt is about £20k the others are all around the 1K, store cards etc.
Melanie, Based on my new income, my IP had advised an offer of around £350, which is assuming very lean figures for my food n bills etc. |
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lesley_
Forum Expert
31 month\s down 29 month\s to go.
United Kingdom
9535 Posts |
Posted - 30 July 2010 : 08:24:25
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Mark hi and welcome to the forum. Have you spoken to more than one company? Always best to take impartial case specific advice of 2 or 3 companies.
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http://thereisanend.blogs.iva.co.uk/
Downhill now 32/60.... |
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Mark600
New Member
5 Posts |
Posted - 30 July 2010 : 08:26:22
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Hi,
Yes I have spoken with 4 companies now since deciding this looks like my only option. |
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Andy Davie
Administrator
IVA completed.
10901 Posts |
Posted - 30 July 2010 : 08:39:27
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Hi
MBNA do accept IVAs but they have a critirea where if their share of the disposable income can repay their debt over ten years then they may reject. On your figures they hold 58% of your total debt, 58% of your DI is 203 pounds.Over a ten year period this would repay 24300, so less than you owe to them, on this basis they should accept your IVA
Regards |
Andy Davie, IVA.co.uk spokesperson and a Debt Advisor
If you need any help or advice about the various debt solutions available please contact me via my website at www.andydavie.com
Author of "Real life IVA stories" and Debt Counsellor of the year finalist 2010 |
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Mark600
New Member
5 Posts |
Posted - 30 July 2010 : 08:47:47
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Many thanks for that!
That has but my mind at rest somewhat as my only other option is bankruptcy, but this wudnt benefit anyone as I am in about £20k negative equity in my house.
What a mess! |
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New start
IVA Junior
93 Posts |
Posted - 30 July 2010 : 10:45:27
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MBNA was one of my husbands main creditors and they didn't even vote! So they are bound by our IVA.
Good luck for your iva.
N |
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Michael Peoples
Forum Expert
4556 Posts |
Posted - 30 July 2010 : 11:16:33
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| I agree that an IVA does meet with the criteria but be careful of entering something that is not sustainable. If you have doubts about the affordability at this stage it would be a mistake to commit to a five year arrangement. |
Michael Peoples | McCambridge Duffy Insolvency Practitioners www.mccambridgeduffy.com |
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size5
Forum Expert
2615 Posts |
Posted - 30 July 2010 : 11:59:18
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If you are who I think you are, then I have already addressed this issue with you personally. If not then I will look a little foolish of course. MBNA will treat each case on its merits, it is only when they have already passed the debt onto link financial that you have real cause for concern on this matter. Based upon the chat that we had, I have calculated a disposable income at £326, but of course at this point that is only an estimate, documentary evidence will decide your actual contribution should you decide to proceed.
Regards. |
www.cleardebt.co.uk
Read my, occasional, words of wisdom at http://blog.cleardebt.co.uk/author/mike-morgan
Follow my tweets at http://twitter.com/debtmastersize5 |
Edited by - size5 on 30 July 2010 12:02:20 |
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Mark600
New Member
5 Posts |
Posted - 30 July 2010 : 12:14:40
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Thanks Mike,
Just trying to put my own mind at rest after reading loads of negative posts about MBNA. I havent received your pack as of yet but I am collating all the info today so I can return it ASAP.
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Mark600
New Member
5 Posts |
Posted - 30 July 2010 : 12:15:29
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Thanks Mike,
Just trying to put my own mind at rest after reading loads of negative posts about MBNA. I havent received your pack as of yet but I am collating all the info today so I can return it ASAP.
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dixie002
IVA Junior
15 month\s down 45 month\s to go.
United Kingdom
65 Posts |
Posted - 30 July 2010 : 14:38:35
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| NBNA were one of our creditors and they were the ones that drove us round the bend, phoning day and night, stroppy letters, postcards saying they were coming round etc etc then they didnt even bother to vote... |
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Mark600
New Member
5 Posts |
Posted - 30 July 2010 : 15:32:30
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Fortunately there payment are up to date (until this month)
so I am yet to have the pleasure of them chasing me on the phone etc. |
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Gettingthere
IVA Junior
4 month\s down 56 month\s to go.
United Kingdom
74 Posts |
Posted - 30 July 2010 : 20:20:19
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MBNA (who took over an Abbey CC of mine a number of year ago) were one(and a big one at that)of my creditors also and I must admit I have given them quite a bit of stick after getting a lot of hassle of them from post and phone, but I did speak to someone via telephone earlyish on after the IVA was approved and they were very understanding, I still got a few letters off them which I forwarded onto my IP and also wrote to them at the finish with relevant details of my situation, and all (touch wood ) seems to have calmed down with them. Don't worry as I am sure that all will be well. For the record, MBNA did not vote on my IVA proposal either. |
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MBNA... never agree to an IVA?
