www.iva.co.uk

Thanks Melanie, I will keep the forum informed of developments.

Bengy

Hang on in there Bengy - it is very difficult when you get wroked up in anticipation of the crediitors meeting and it is then adjourned. It happened to us twice and you go through all sorts of panic and stress. But this time will be used by your IP to do whatever they can to turn the votes around to your favour - it worked for us and we were approved at the final meeting meeting so please think positive and keep in regular touch with your IP to see how things are going.

Hi Bengy, my heart goes out to you - I know how horrid the waiting feels. I hope your luck takes a turn for the better very soon. Out of interest, did you speak to each of your creditors individually on the Debt Management Plan or did you let someone else deal with it for you?

Thanks for the kind thoughts. I talked to the creditors individually. Some were OK with a DMP others were not. Interestingly another who rejected it is now saying I should have approached them first before seeking an IVA, I had asked them about a DMP but they said what I was ofering as means of monthly ayments was too low.

You wouldn't be talkin about MBNA there, by chance?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Yes Melanie, MBNA were adamant my offer was too low. Now they want to talk. Are they renowned for this? They are now saying they have no record of our discussion. I must admit it was not in writing. I was not exactly thinking too straight at the time Bengy

It is a typical MBNA tactic! I have exactly the same problem with a client of my own at the moment. The problem with MBNA is that they do seem to want to encourage defaulting customers to talk to them, to see if they can help avoid an insolvency, but the reality is that the majority of my clients report that MBNA are the most difficult and nasty creditor when they are phoning and harassing once payments start to be missed. This is not conducive to an air of co-operation at all.

My own market research indicates that MBNA still believe that 80% of their defaulting customers are better off doing an IVA than any other insolvency procedure, but I have my doubts about that statistic at present. Tactically, it is sometimes better to delay the commencement of IVA proceedings until MBNA have assigned their debts, as the usual purchasers are far more amenable to accepting IVAs.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Melanie

You are dealing with my case but I have a question which I'm happy to place on the forum in case it assists others. At this stage my creditors have been informed that you are dealing on my behalf as I have written to them with the letter of authority and, as I understand, you will also have written to them. You mention about MBNA and Egg in other posts and these 2 seem to be the only ones contacting me now. MBNA send me letters discussing the option of agreed low repayments versus the IVA route and Egg have now passed my details to a debt recovery agency.
I will obviously be forwarding theses on to you but in the meantime can you advise whether at this stage all creditors tend to sit tight and await the proposal or are they as likely to be working to secure the best deal for themselves before that stage. Another of my creditors is Amex and I'm worried about charging orders being placed against my property ahead of my Creditors Meeting. From our discussions I know I'm offering approx 50p in the £ and that this is above most creditors acceptance criteria. But I think that while I'm in the final stages of the draft proposal its easy to let your imagination run wild with worse case scenarios and what ifs?.
I know I can pick up the phone and ask you these things but sometimes getting an answer posted here might help other people.

Hope you dont mind

Dave

Happy to have an open discussion Dave - that is what the forum is all about.

I personally have not experienced difficulties with Egg - at worst they tend to cut our fees, but that is for me to take on the chin and I would never withdraw from a case on that basis.

MBNA are a different kettle of fish at the moment, and do seem to like clients chatting to them about their difficulties beforehand. I do not think that it would do you any harm to phone MBNA and tell them you are doing an IVA because you feel that it is the best way to treat all creditors equally, and that you doubt your other creditors would entertain a DMP. Make sure you document that conversation, and get the name of the person you have spoken to. Ask them to suggest what they would do in your circumstances, and send me a file note of that discussion so that I can rely on it as evidence if I need to (starting to sound a bit like a policman now!).

I have plans to be speaking to the Head of Insolvency at MBNA over the next few days, so may have more news as a result of that.

Finally, do not worry about Charging Orders. They cannot pop up as quickly as that, and if you get the threat of one which I do not think I can counter by getting your IVA in place prior to the final hearing, then I will get an Interim Order from Court stopping the action until the decisions of all your creditors have been received at a creditors' meeting.

I have a huge amount of respect for the solicitors used by Amex - they are firm (only looking after their client's interests at the end of the day) but fair and very commercial. We have a healthy working relationship with them, built up on mutual respect, and when Amex are voting for IVA's they are generally helpful.

And as a personal client of mine, you can pick up the phone to me whenever you want.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

It is interesting EGG and MBNA are being talked about here. They both rejected my proposal but EGG are the one I owe the most to from those who voted. AMEX were good, they accepted an amendment in the first few days that my proposal was originally sent. My IP is in discussion with EGG now and I am expecting a call from him tomorrow to let me know what the view is. PWC are acting on behalf of EGG

Bengy

Thank you Melanie

I'm sure that when we think things through rationally we do not panic quite as much but in these circumstances we are not the experts and often don't have a rational response.

I think I'm going into competition with you just now to see who posts the latest in the evening/earliest in the morning. Lol.

If I have any specific queries for you I will always contact you directly but my last post seemed relevant to Benjy's posting.

Once more I am reassured that my case is in the best hands.

Thank you

Dave

Thanks Dave - and to Benjy - PricewaterhouseCoopers are one of the most commercial firms there are out there. I should know I worked for them for 12 years before setting up my own practice. They will listen to a good reasoned argument, and I am sure that your IP will get the right result for you on the day.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk