Thanks for that I can see how that works. I got told though that If I do a DMP MBNA are a night mare and will go full hog on collecting the debt right up to CCJ so is it not like a catch 22 what ever I do they wont be happy.
I know it is my fault and should have not have got into this mess in the first place so I can see why they would be pissed but it is trying to get them their money back!
We generally see the 10 year ruling set in tablets of stone - unless there are good reasons, for instance someone's age which might prevent a 10 year repayment plan.
No Andy I don't. In the Mondo Matrix looking at a DMP over 10 years with creditors adding interest each month and pro-rating the monthly payment invariably shows more money owing at end of the 10 years.
This to my mind is wrong and MBNA are not TCF. Hence an IVA would be more appropriate.
This is a long standing issue with MBNA and hopefully it will one day (fairly soon I am sure) will be sorted out.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
