www.iva.co.uk

i had my iva meeting yesterday but it didn't go well all but one of them agreed to the iva,the other mbna bank wants me to enter a debt management programme which is not the road i want to take. another meeting set for the 5th of march has been set. this is making me so stressed out. has anyone else been through this situation?

i'll be glad to hear from anyone

regards
hmetal

What percentage of your overall debt do MBNA hold?!!

Hi

I am getting a little concerned that some creditors expect people to enter a DM program before entering an IVA.

Sounds like a sneaky way of quietly extending a repayment period from 5 years ( typical IVA) to 6 or 7 years.

If the banks are not very careful the people that would like to try to repay their debts will review their situation and may look at B as a better option.

Why don't they ever listen ?!

As the new protocol states debtors will be encouraged to try to reach an informal agreement with their creditors before being recommended for an IVA then it may be a sign of things to come.
Only time will tell.

I thought this as well Paul, and some will go bankrupt, other poor souls because of the stigma of bankrupcy and that name in the paper, or fear of losing their home, will struggle on for years in these plans. I think some of these companies count on that. I dont know any figures and just my thoughts but I suppose if only 1 of every 5 go bankrupt they dont lose.

Ang

I hope when the next meeting comes around, that the creditors think long and hard about it, as what would be the point of bankruptcy, they wouldn't get anything then. Good luck for the 5th. Hope it goes well

Which company are you with HMETAL?

Hi
I think that we will see more of this type of request from creditors as the new protocol states that"debtors will be encouraged to try to reach an informal agreement with their creditors before being recommended for an IVA".Sounds like a route for many DMPs and we know banks prefer them
Regards

YES GOOD LUCK

MBNA have always favoured a direct payment scheme from their customers, rather than a formal insolvency, so long as the circumstances dictate. If you could pay your debts in full over a 7 year period, assuming that interest and charges are stopped, and the creditors agree to not take legal action against you, this may well be the reason for rejection.

Good Morning
Not sure if it is a good morning as I have just had one of the worst nights sleep ever.
After reading these posts yesterday about MBNA rejecting proposals again I am really worried. We have a date set now for our creditors meeting 14th March and when we heard this news I was feeling more positive as we have a great IP working for us and I felt there was some light at the end of this dark tunnel.
BUT MBNA are my biggest creditor (my husband has no debts with them)and I am so scared that it will be rejected as up until 2 months ago I had been paying their debt and I didn't tell them about the situation until we applied for the IVA.
Not sure if I can cope with 2 weeks of worrying about this.
There is no way we could do a DMP as we couldn't afford this for all our creditors.
I am trying so hard to be positive as we do have Melanie has our IP and her track record is great but there is this awful doubt in my head now that it is all going to go wrong and I don't know what we would do then. BR is out of the question because of our jobs!!
Sorry for the long moan just feel in a very dark place at the moment and I needed to get it off my chest as I have to get ready for work now and the kids up for school[:(][:(]

Please don't concentrate on things that you read on the forum - sometimes only the worst things are published here and MBNA do actually accept a lot of proposals as well as reject them. At the end of the day you have put your best offer forward. If MBNA reject this, we will firstly try and understand their reasoning, and secondly try and find an alternative way forward to suit all of your creditors.

As Melanie says, please try and focus on the positives rather than the negatives.
My own opinion, and it is only a gut feeling, is that we will see an initial rise in creditor requests for DMP's rather than IVA's. As both systems are based on affordability, then really there should be very little difference in payment, if anything, so the fear that you can't afford it should be groundless.
Also, as DMP doesn't guarantee interest frozen, though to be fair most creditors are very good at doing so for genuine cases, and as you tend to get creditor hassle for longer under DMP (again in fairness it doesn't last for ever) the failure rate for DMP's tends to be higher than it should be in the first 3 or 4 months.
My own feeling, therefore, is that creditors cannot have it both ways. If they reject IVA in favour of DMP then they are going to have to demonstrate fairness in being co-operative to DMP re interest frozen, reduction or cessation of hassle. If not, then I personally would have no problem in going to another IVA proposal very quickly on the basis that the informal arrangement that was encouraged is not working.

Hope this makes sense to you.

Regards.

Hi sblack
I had over £10000 debt with mbna(virgin credit card)and out of 11 creditors that voted only 3 bothered to vote, 2 from nat west and mbna. So they do vote in favour. Your IP would not have put it forward If they thought it did not stand a chance.
P

I had MBNA in my proposal and they voted yes to mine
They are rather sneaky as what they tend to do is worry the life out of you and then sell the debt onto Max Recovery who always vote YES!!just prior to your creditors meeting or after they have received the proposal