www.iva.co.uk

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?

Hi - MBNA do agree to IVA's. What other creditors do you have?

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[;)]

How much disposable income will you be offering to creditors on a monthly basis?

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.

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.

Hi,

Yes I have spoken with 4 companies now since deciding this looks like my only option.

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

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!

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

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.

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.

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.

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.

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...