www.iva.co.uk

we have just started proceedings and some of our credit is MBNA. I think our total debt maybe around 48000 and I have a Virgin card of £3000 (which is MBNA) and my husband has a card with approx 2500. How would we stand if MBNA said NO?

Hi Angela,

Are you able to tell me how much you owe in total (including joint credtiros) and how much your husband owes (including Joint creditors).

MBNA are not the best creditor to deal with but it may be that even if they do say no then they do not represent more than 25% of the total debt for each of you then then a rejection would not cause a problem.

They do have a strict acceptance policy but again as the debts are only a small percentage of your total debt they may simply not vote.

Hi Angela, I had MBNA as one of my creditors when my IVA was approved a month ago - I owed £4,000 and that was about 25% of my debt. MBNA never passed my debt on, but also never voted. My IP told me that they often don't vote if the debt is less than £5,000.

Hope everything works out OK for you. [:)]

MBNA have confirmed that they are fully supportive of the new IVA protocol, so as long as your IP has fully endorsed the new proceedings (she has!), and your are putting forward the very best offer available to your creditors, there should be little problems on the day of the creditors meeting.

thanks Melanie (we'll be on first name terms soon!!) Sorry about all questions just needing to be 100% of proceedings in my head..

You ask away as much as you like on this forum - because other people are benefitting from your input and all of the answers.