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Hi

I called a Debt Firm during my 'shopping around' for an IVA and the first question was wether I had MBNA,Royal Bank of Scotland and Northan Rock as my creditors. I owe money to MBNA & RBS. Anyone know why I was asked about those three in particular[?]

Hi Tygar,

These creditors are less likely to vote in favour of IVA proposals than others, particularly Northern Rock and MBNA. However, they do accept some proposals where the IP can demonstrate that the offer being proposed is in the best interests of all parties.

Kind regards,
Terry Balfour
IVA.com

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MBNA are particularly hostile to IVA's and generally will vote against them if, in their judgement, the debt can be repaid on a cost free debt management plan within a ten year period.Needless to say this a ridiculous stance to adopt bearing in mind that you can be discharged from bankruptcy within a year and then only be required to agree to an IPA over a three year period.

Northern Rock have a reputation of voting against every IVA but in the last week or so I've seen some indication that their position may be changing.

RBS generally vote very commercially basing their vote on the quality of the proposal.

Of course, to get an IVA approved, you need 75% by value of creditors voting to vote in favour.

I had both RBS (tesco) and MBNA as creditors, favourable or unfavourable towards IVAs neither voted at my creditors meeting.

Nor did they at mine

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

MBNA didn't vote at mine either.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

I have very few problems with MBNA or RBS - but will probably live to regret saying this given the current climate!!!!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
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