www.iva.co.uk

Hello again

Like many other Forum members who have MBNA debts, for the past few months I have been innundated with phone calls, letters and many different reasons why I shouldn't enter an IVA, instead I was advised to deal direct with MBNA.
Well my Iva was approved yesterday and first thing this morning I received a phone call from MBNAs's Insolvency Team, a very pleasant lady who informed me they were aware that my IVA had been approved, they thought it was the best deal they were going to receive so they had voted 'YES'. She then went on to wish me the best of luck for the future and told me that all phone calls etc would now stop. [:u][:u][:u][:u][:u]
Well I was speechless [:u][:u], after all the hassle they have put me through, they are definitely one of the more aggressive creditors[:(!][:(!][:(!]
It just goes to show, if your IP knows their stuff and puts a good proposal together then even the most difficult creditors will agree.

I hope my experiences with MBNA will give other Forum members a glimmer of hope.

Hopefully they'll think likewise with my IVA proposal

do you mind mentioning what company you used?

That is really positive feedback and very usefu to know. I regularly speak to MBNA and have rarely ever had a problem which I have been unable to solve. I do think with them it all boils down to the quality of the proposal to be frank.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

That's very positive, let's hope this will become the rule rather than the exception.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

I used Grant Thornton, they are excellent

mark.e wrote:

do you mind mentioning what company you used?

Well that really is reassuring,hats off to MBNA on this occasion and to Grant Thornton.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Well my creditors meeting is on Monday and MBNA are the biggest % creditor. I am still worried that they will vote against but keeping my fingers crossed.

Congrats - hope I can sy the same Monday!

Good luck for Monday Hunter!

Onwards and upwards!!!

View my blog at http://skippy13.blogs.iva.co.uk/

Thanks Skippy,

Will let people know either way Monday night. It's great having people to discuss things with here.

Theres been quite a few posts of ivas being excepted,i hope you will add to them come monday,goodluck

I have been in financial dificulties for some time, and have considered an IVA, which I will probably set up some time soon.

In the meanwhile I started negotiating with my creditors directly, and was pleasantly surprised by the response I received from MBNA.

My debt with this company is for £12000, with minimum payments in the region of £190 per month. After explaining my situation and giving a full list of income and expenditure the offered me the following;

£90 per month with all interest frozen. This is to be reviewed every 12 months.

This means that £90 per month will be taken off the balance, and it should all be repaid in 10 years or less. Previously, when I was paying the minimum payment of £190 per month, only £5 went in repaying the balance, the rest being interest.

Hopefully I can negotiate similar terms with the rest of my creditors and avoid an IVA and all the stress associated with that.

Hi
Thats good to hear.
I have come across one forum member who has done exactly the same and negotiated her own arrangement with all her creditors.
If you only have a handful of creditors it can be a possibility but generally it is near impossible to have interest frozen on all your debts.The big advantage of an IVA is that all interest and charges are frozen and you are protected from any further action such as a charge on your proiperty.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp