www.iva.co.uk

I had a strange call tonight from MBNA. I have debt with them on a card for £23k. They have only had token payments since May whilst we have been deciding where to go with our debt.
During the conversation they gave me 3 options.
Option 1 - Pay £200 a month till the debt is clear and all Interest will be ceased and any charges repaid.
Option 2 - The lady I spoke to said that as we had been with them for many years, she could under her own authority enable me to pay a F&F Settlement of £9.5k and they would write off the remainder of the debt.This could also be done at any point whilst I am making payments as given as an option under option 1.
Option 3 - Whilst I am deciding what to do they would allow me to pay £270 after which they would freeze Interest etc and allow the account to sit static untill the end of August.
I was very surprised when I received this call and it seemed to show that MBNA are reasonable after all. Also I dont think that the F&F Offer was fixed as they asked me what my thoughts were on the matter, almost as if they wanted me to say what I was willing to pay.

I had a similiar proposal from MBNA, but after discussion with my IP i was told you cannot give preferential treatment to one creditor if you are applying for an IVA.

They are a reasonable creditor most of the time - however you do need to ensure that if you do a deal with them, you are in a position to do the same or a better deal with all of your other creditors.

I don't believe that they are a reasonable creditor most of the time Melanie and I have statstics from members of the DRF that show what cases they vote down for IVA's against what they allow. Interesting also when they have 25% or more of the debt the number they vote down rises dramatically.

Also their suggested offers to debtors who have indicated that they are considering an IVA is to "persuade" Forcibly offers indicated by Confused.com.

Their public face in articulating support for the IVA and Protocol is not supported by the statistics.

I am in dialogue with MBNA and in point of fact their mane guy is coming in to see me next week - watch this space.

That's a shame that the DRF members do not enjoy a good experience with MBNA.

We do not seem to suffer from this, perhaps because we may not be proposing the high numbers that some of the DRF firms are putting forward, and that we operate within their known criteria when they have a casting vote.

Will be interested to hear your findings once you have spoken to them.

Hi everyone
Ihave been an avid reader of all your posts over the last few months and have taken great heart from many of them. have finally plucked up the courage to ask for your thoughts on my problem. Iam currently going through the IVA process with CCCS and have a creditors meeting scheduled for the 15th May. The proposed dividend is 39.4 pence without the equity release and 61.9 pence with it. I am more stressed out now trhan i was back in january when I first asked National Debtline for advice!! Ihavent slept for weeks and am really worried how this is affecting my wife and 2 kids seeing me this way.
My creditors are
LloYds TSB £16,410
Mint £2,284
NEXT £871
MBNA C/C 14,577
MBNA LOAN £11,069
HFC £1,742
HBOS £3,419
Lloyds o/d £1,650
our monthly income is £2,677
My worry after reading this is with MBNA as they have been the most persistant, and sometimes aggresive in there attempts with me to pay more than the pro rata token payments.
Sorry to go on but would really appreciate some of your thoughts

Matt

Put your faith in your IP firm and hope that MBNA will support - and do let us know how you get on as I will be very interested in the result of your case.

From what Melanie said earlier on if the IP knows what MBNA look for you should be ok. Hope all goes well for you - you are like me the quicker you are over the pickle the better. Anyway, GOOD LUCK!!

Keeping my fingers crossed for you. Let us know how you get on.

MBNA can be a pain - and in your case they hold more than 25% of your debt.

However CCCS and their IP (who I know well) will not put your case forward if she thought it was not a flyer. as Melanie says have faith in your IP.

However please keep us in thge loop and advise us what happens in the run up to your creditors meeting as to what MBNA (or other creditors attempt to say to you) and keep a day by day log (with times if possible) and let us know how the voting goes.

Good luck.