www.iva.co.uk

Cut and pasted from my IPs email

The meeting was held at 10:30 am and although Egg and HSBC accepted the IVA MBNA rejected. Their reason for rejection is that with your surplus income of £240 per month you can repay all your creditors in full within a 10 year time frame. It would actually sum up to 8 years.

Unfortunately they hold 41% of the vote and cannot be voted and are not willing to change their minds so the rejection stands.

Positive thinking was a massive waste of time! Plus it means I am totally unprepared for this! I would caution against it!

Oh Missy so sorry to hear this.

Have you talked through your options with your IP?

missy80 wrote:

Positive thinking was a massive waste of time! Plus it means I am totally unprepared for this! I would caution against it!

Missy80. I am really sorry to hear your IVA was rejected but is your IP not trying to overturn the decision? It is true your IVA does not meet with MBNA criteria but those criteria are not actually set in stone.

Did your IP just send an email and not ring you to advise of the options available?

Thanks. Going to call them now. Can't update on here for a while as just leaving work but hopefully will be back on Thursday

Thanks MP, yeah they emailed, although possibly tried to phone, I've been in and out of meetings at work. They aren't very good to be honest, I've only read bad stuff about them on here (I am one of the many who, if I'd come on here sooner, would've gone with Melanie!)

So sorry Missy. As down as you will be feeling now, I`m sure there is a solution and I`m sure it will be found...At the end of the day, you can`t pay what you haven`t got. Keep Strong.

hi missy so sorry about this in mbna were fine they sold the debt on to max recovery what are you going to do now are you on a dmp or payplan

oh no i am so sorry, how awful for you

I'm sorry your IVA has been rejected Missy. I can't believe that your IP didn't adjourn the meeting to try and change MBNA's vote though.

Have they offered you any support while you decide what to do next?

So sorry to hear that i have my meeting on the 24th but am feeling a lot less optimistic now i just hope you can sort out a deal with them

Hi
Did your IP warn against a possible rejection ? The ten year MBNA rule is well known and should have been brought to your attention.
Davis Mond was challenging MBNA in the courts over this, does anyone have an update ?
Regards

Sorry to hear your news Missy - have you pushed your IP to make sure they have done everything they can to challenge the outcome?

I'm sure you feel awful at the moment but get as many answers as you can from your IP.

We're all here for you, whatever you need.

Regards,

I'm sorry too to read this Missy and hope you get the answers you need from your IP xx

Sorry to hear your news Missy, I really feel for you.

Perhaps you could do a DMP for a few months and then try again?

Not heard anything at all Andy. Size5 hasn't been around for a while has he? He would probably have known.