www.iva.co.uk

Hi all
Can anyone help me out - getting very nervous now because I have a big debt with MBNA c£15k and I am hearing that they are quite against IVA. They have passed my debt to RMA who are ringing me at least once daily and have now sent a card saying someone will call round tomorrow (to which I went ballistic and told them this is bordering on harassment - I have kept them fully informed and written to both RMA and MBNA)

Can anyone else who had debt with MBNA give me some idea as to how they voted?

Thanks

Hey Rockin Diner, I believe MBNA will vote no in an IVA if they think you can repay the debt within ten years on a debt management plan. It really depends on what percentage of the vote they hold though, how much is you total debt? X

As Viki says, if the debt can be repaid within 10 years they generally would prefer to see a DMP instead. How much total debt do you have and how much do you think you can reasonably afford to the debts on a monthly basis after all living expenses have been accounted for?

Regards.

Hi
between me and my husband, total debt approx £105k of which MBNA is around £15k (me) and £12k (husband) in total 26% of our debt.
Spare income available for creditors after all outgoings is approx £1000 per month
Thanks

You need to work out the percentages on an individual basis rather than combined. How much do you owe individually and how much does your husband owe, and are there any joint debts?

mnba voted NO in our |IVA but it still got approved..it does depend i think on how much of a percentage they have as stated in other posts

Melanie is of course correct, and at face value your budget looks favourable but do take time to speak to a professional directly to make sure that all your outgoings, even the invisible ones, are covered and that you are not over-stretching yourself.

As ever, visit www.iva.com have a look around, speak to 2 or 3 providers and then go from there.

Regards.

It's 39% of my debt and 21% of hubbys. We have no joint cc/loan debts but our income is combined for mortgage outgoings etc so I assumed this would be dealt with as a joint application.

Hi RD, although each case is completely individual, MBNA were the people who were the most horrid in their phone calls, they hassled me daily at work and in the evening at home, they sent cards through the post and their staff were generally complete idiots. I have appx £12K with them. Guess what, they never even bothered to vote at my meeting. They lost out on their DMP that they wanted anyway, 'cos my IVA was approved without them. Kazzy x

If it helps MBNA voted yes to ours.

We only owed about 6k to them and in run up to iva they offered us a 10 year dmp with them so i thought they would vote no cos in their eyes we could repay in 10 years ...

... yet they still voted yes!

Guess it goes to show you just can't always tell!
Best of luck with them and do let us know how you get on - I will keep all crossed for you [:)]

Thanks Kazzy
They do seem to be complete idiots! The amount of time and reources they are wasting only to be told the same thing every time ... durrrrr!!
I hope they will not vote for me as I am stuffed if they say no!

I think that you need to discuss this with your IP to see if they feel confident of success.

Hi
It would be fair to say that they are anti IVA
Regards

blimey that's cheered me up (not)

I am not sure that describing them as anti IVA is entirely fair, but they WILL want to see the best dividend available.

Please speak to your provider if you have any queries.

Regards.