I am about to put an IVA application in...
after reading about on the net I am now a little concerned. I have 65K of debts & 38K of which is with MBNA... all the the reports i read say that they never agree to an IVA. Am i screwed?
MBNA do accept IVAs but they have a critirea where if their share of the disposable income can repay their debt over ten years then they may reject. On your figures they hold 58% of your total debt, 58% of your DI is 203 pounds.Over a ten year period this would repay 24300, so less than you owe to them, on this basis they should accept your IVA
I agree that an IVA does meet with the criteria but be careful of entering something that is not sustainable. If you have doubts about the affordability at this stage it would be a mistake to commit to a five year arrangement.
If you are who I think you are, then I have already addressed this issue with you personally. If not then I will look a little foolish of course. MBNA will treat each case on its merits, it is only when they have already passed the debt onto link financial that you have real cause for concern on this matter. Based upon the chat that we had, I have calculated a disposable income at £326, but of course at this point that is only an estimate, documentary evidence will decide your actual contribution should you decide to proceed.
Last edited by size5 on Fri Jul 30, 2010 12:02 pm, edited 1 time in total.
23+ years in debt advice
I do not post for anyone other than myself
NBNA were one of our creditors and they were the ones that drove us round the bend, phoning day and night, stroppy letters, postcards saying they were coming round etc etc then they didnt even bother to vote...