www.iva.co.uk

I received a solicitors letter today from MBNA even though I have told them I am going down the IVA route. Creditors meeting 21st August, I rang them to explain etc and am now worried and confused as the person I spoke to was basically saying your doing the wrong thing and basically we could help you but it may take 10 years etc etc. He was actually quite intimidating over the phone and was trying to get me to change my mind re IVA. Does anyone know how MBNA / Virgin tend to vote thanks very anxious Locko [:(]

Hi Locko,

MBNA do seem to prefer the DMP route if you can pay your debt off in under 10 years.

What percentage of your debt do they hold?

MBNA tend to vote against IVA if they can get their money back in 10 years or under on a Debt Management Programme, assuming freezing of interest. That said, if their proportion of the voting rights is less than 25% it may make no difference.

Please speak to your IP re this for reassurance.

Regards.

Hi folks thanks for your reply. I am not sure but i think it is Barclays who have 75% of the vote. Will keep you posted after the 21st Aug x