www.iva.co.uk

This is our first post. Myself and the wife owe about £45k. Our creditors meeting was held today. Everybody has agreed except MBNA (£17k of the debt). Our IP has adjourned the meeting for 7 days to try and solve this. What are the chances of MBNA changing their minds? We don't have any assets. Our car is only worth £3k tops. If MBNA don't change their minds we feel our only other option is BR. Can anybody give us some advice please?

hi welcome to the forum an expert will be here shortly

Hi there and welcome to the forum

MBNA are generally not accepting many IVAs in my experience at the moment, as they seem to feel that they would be far better off with DMPs. They may be prepared to change their mind, but I would not hold out too much hope to be honest.

I am personally always very wary about presenting IVAs where this creditor hold more than 25% of the aggregate debt, but do let us know how you get on.

hi

just want to say welcome and i really hope you get a positive outcome with your iva!

whichever way it goes please remember we are all here for you!

love barb x

Big welcome from me too,

Perhaps if they realise that you are contemplating BR and they will get even less, they may come round to the idea.

Fingers crossed for you.

thats what I thought.. surely they'd rather get something rather than nothing..

good luck, hope everything goes ok

Welcome from me too ... I would push the BR bit with your IP, this is what I did with my F&F ... "you either accept this, or I petition for my BR".

Good luck ... and keep in touch with the Forum to let us know how you get on.

Debbie

P.S
My creditors meeting was adjourned 3 times ... with a positive outcome in the end [:)]

This MBNA part of the Bank of America is now the new NR in saying no to IVAs. Yes, they have a very organised DMP team than most and will accept DMPs. But they are on planet Jupiter on there debt consolidation policies.
They are playing that old NR game of - 'most debtors don't file for BR!! Its a bluff'

Well maybe that is the case as the statistics seems to show....but yes give them the frighterners and threaten BRs!

MBNA were one of the two creditors to vote no at my meeting but luckily they were one of my smaller ones so in the long run it didn't matter. Fingers crossed for you that they see sense and accept your proposal. At least they will get something back!

Hi
Think of a DMP as a holding option until the SIVAs are in place[75k maximum debt with only 50.1% approval needed]
Regards

Thanks for all of your replies. It has given us a little bit of hope. Just a little mind! What is the old saying "It never rains but it pours". I was given a letter at work yesterday. Possible redundancies! I will know more on 23rd July when I attend a special meeting that has been arranged. With regards to the IVA or possible BR is this better for me or worse?

Sorry to hear you might be made redundant. That's not what you want to hear right now! Fingers crossed that it doesn't happen. Are you in the building trade by any chance? My stepson (and all his colleagues who work for a building firm) have been given 30 days notice and will shortly find out who is for the chop or not.

I would think that it would be hard to get an IVA if you were unemployed. BR is obviously an option.

Fingers crossed that it won't come to that.

Yes my work is connected to the building trade. I work for a Spanish ceramic tile wholesaler. There are about 12 of us including my dad. Things have got steadily worse for us over the last 6 months so it was sort of expected. I think it will happen. I have a PCV licence so I will try to get back on the buses. Money is good but shift work doesn't agree with me!

That's one option - you'd have to bite the bullet and put up with the shift work!

Fingers crossed though, that you don't get the push.

As Andy says if mbna dont play ball then go for a dmp and let it run until the sivas start.It wont make a great deal in terms of what you will pay each month.

Good on on the buses.


I 'ate you Butler!!!!