wonder if this will be acceptable for F/F

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robbo201

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Post by robbo201 » Fri Feb 29, 2008 8:24 am
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I have about 10 creditors totalling £75000, the biggest being MBNA with about £35000. Have just surrendered an endownment and am in the process of selling my property before any chargin orders get put on my property and should be able to offer a total of £26000 as wonder if this will be acceptable but wonder if this will be acceptable, as i dont have enough income to do a 5 yr iva
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MelanieGiles

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Post by MelanieGiles » Fri Feb 29, 2008 8:30 am
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Hi robbo201 and welcome to the forum

It would appear on paper to be a good offer, but what does the IP you have chosen to represent you say? MBNA do like direct offers of settlement so you might want to try dealing with them directly say at 30p in the £ firstly, and the using the balance of funds to make your offer to other creditors. There is nothing wrong in doing this so long as no creditor gets unfairly prejudiced.
Regards, Melanie Giles, Insolvency Practitioner
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