A most interesting thread I think. I used to believe that as Banks make more losses from write downs or impairment charges the easier it is to get personal IVAs through....Wrong! MBNA is now harsher than in 2007 period when most IP say this Bank were willingly accepting IVAs.
The Banks are putting their own business interest first despite what the spirit of the IVA protocol may suggest - consolidate in a win win situation(my take) - but it is no longer an even level playing field - a DMP may suit a creditors and not a debtor, who want to drag the repayment period on and on to mantain their acountancy integrity in Bad debt provisions.Banks cannot afford more losses and the proverbial comment that they make millions...is now under cut by the fact that they lose millions.....they are in dire straits. It is said they[all of the well know US/UK} banks have lost $500 billion and raised only $350. A hugh gap in non functoning would be capital.Hence the mortgage drought.
If MBNA is your creditor that has 27% of the vote and they think you can manage to pay it back not withstanding the fact that you have spouse has a very good income rather than a single imcome, this creditor will be motivated to just drag the affair on till they get 100% back.Banks know 'well off' people call their bluff by saying they will go BR if IVA are rejected and thats said in all proposals - but many just don't.
MBNA is part of the Bank of America group their mindset on debt consolidation is very different to UK banks. I deduct for them to accept an IVA the debt must be huge and your money situation unpalatable to the point of Bankruptcy...nothing less??
Last edited by 2012 on Fri Sep 05, 2008 4:34 pm, edited 1 time in total.
"Why do we buy junk and say it is not what we need but what we want?"
Hi again Alan as lily says you need 75% acceptance and each creditor has a vote depending on the amount of debt owed so hopefully this creditors mind can be changed Your IP should have told you the result of the meeting not a creditor, and on the daty of the meeting. That is terrible they didnt inform you straight away of the result. I wonder possibly that they have adjourned the meeting for 2 weeks to try to change this creditors view. Either way I hope you get a positive result. Usually your wifes income would be taken into account so far as she pays her fair share of the household expenses, but I think I have seen of late they are expecting in some cases for the wife to make some of the contribution as well. The siva due to come in soon is two tiered but the acceptance for the higher level is still 50%. The lower I think does not require as much management, eg no annual reviews as with the higher level. Melanie or someone correct me if wrong.
Good luck, dont let it all get you down there is so much more to life than worrying about this, there will be a solution.
Aguise, I wouldn't hold too much faith on the Siva. A lot of people think it is coming anytime soon???? The IVA is built on a win win fair and aquare foundation, and not an uneven playing field which an SIVA is-works against the Bank in a climate of big looses. The politics are all hidden-the Insolvency service as a quango group needs the support of the Banking spokesbody BBA and I really cannot see them voting for it. It only takes the likes of MBNA to 'VETO' in practice to have a failed protocol and damage the IVA standing and they have and as you say -bringing the wife's income into the table - why?? Stiring a well layed approach into an unworkable one? Government may be a driving force to SIVA then but now they cannot withstand the buisness broadside cannons of objection, it'll cost them to bring in unwanted legislations......IVA may be a small pea in the billion pound loses of Banking but in the end it adds up to a Lost like any other. I don't think much of the Insolvenct service a quango group with little executive clout.....
Last edited by 2012 on Fri Sep 05, 2008 10:24 pm, edited 1 time in total.
"Why do we buy junk and say it is not what we need but what we want?"
Please hang in there, I know you feel really depressed right now but there is an answer. Youre worth so much more than money, to those that love you, you are the world.
Hiya - not sure if relevant to the posts further up on this re MBNA but they offered us a 10 year DMP and they knew of al lour other debts and yet they still voted yes to our IVA proposal!
Must have been feeling sorry for us I guess - phew!!! [:)]
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
I am reading this thread with interest, and am finding a view that the SIVA will not happen antime soon if at all. Is taht the view of others. We ahd our IVA application turned down and are now in DMP world. Not easy and if we stay there we will be 200 before we are paid off. We do not want BR as an option and have to wait for our circumstances to change before we can apply again. We had hopes for the SIVA.
We were in a DMP before our IVA which would have taken us about 20 years to pay off.
Hopefully the SIVA will come in, and when it does I expect it will be inundated with enquiries.
I hope you are able to go for an IVA again sooner rather than later
John
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
SIVAs are anticipated during the middle part of 2009, and most of us with experience in the profession genuinely believe that they will still come - albeit a little slower than originally anticipated.
