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Posted: Mon Jul 21, 2008 3:51 pm
by Chalky
I had my Creditors meeting this morning and have just been advised that it has been rejected by MBNA. [V]
I have now been given an alternative Debt Manngement by the same company who were looking after my IVA. They want £200 up front and then £100 per month for the next 265 Months. I have to call them this Wednesday with my card details. Is this my last hope?
Any advise much appreciated xxx
Posted: Mon Jul 21, 2008 3:53 pm
by kallis3
Chalky, so sorry to hear that you have been rejected.
You could do DMP for a few months, then try for an IVA again. That is what we were advised to do if ours hadn't been approved.
Posted: Mon Jul 21, 2008 4:06 pm
by Viki.W
Hey chalky, sorry to hear your IVA was rejected. I'm sure I've read on here that MBNA usually prefer a DMP. Please wait for an expert to advise you. X
Posted: Mon Jul 21, 2008 7:19 pm
by MelanieGiles
Do you have any assets which would be at risk under bankruptcy proceedings? If not this may be an option you may also wish to consider.
Could I also ask how much you were offering to creditors on a monthly basis under the proposed IVA?
Posted: Mon Jul 21, 2008 7:20 pm
by rockbottom
HI Chalky, im sorry that your iva was rejected, ive also read that MBNA are rejecting some in preference to a DMP, im sure an expert will be along soon to tell you if you have any other options. hang in there.
rb
Posted: Tue Jul 22, 2008 2:51 pm
by Chalky
Thanks all for your replies.
Melanie, I was advised to offer £137 per month over a six year period due too MBNA being my main creditor.
Regarding bankruptcy I have no assets with the exception of the car. Would my job be at risk if I took this route?
Posted: Tue Jul 22, 2008 3:20 pm
by Viki.W
Hey chalky, without giving too many detils, what line of work are you in? Don't forget to check your terms and conditions of employment to see whether BR is mentioned too.
Posted: Tue Jul 22, 2008 3:37 pm
by Chalky
I am currently working for a Financial Institution. I do have directly contact with the Clients and setting up Static data which involves account numbers.
Posted: Tue Jul 22, 2008 3:41 pm
by Viki.W
Hey chalky, I would suggest you make an anonymous call to HR dept and ask and also look at your T&Cs. Please wait for an expert who might have more of an idea. X
Posted: Tue Jul 22, 2008 6:29 pm
by MelanieGiles
I am not suprised an IVA offering such a low repayment was turned down, and to be honest if that is all you can afford you would really struggle to sustain that over a six year period. I am actually quite suprised that an IP put this forward for you - which firm were you using?
Posted: Wed Jul 23, 2008 12:25 pm
by Chalky
Money Debt and Credit and that was the figure they came up with. I have just paid £200 for a DMP with the same company.
Its good to be alive!
Posted: Wed Jul 23, 2008 1:14 pm
by MelanieGiles
Good luck with the DMP and I hope it all works out for you.