Don't feel confident. 18th March

[pms9999]

I'm with Payplan and doing an IVA (creditors meeting on the 18th March) and I don't feel confident at all!

Debt is £59k (9 creditors) and the main creditor is MBNA 40% who have just got Optima Legal to write to me.

The p per pound is 28 so I'd be paying back £283 a month. Everything I read suggests that MBNA will only accept if they sell the debt to Eversheds/Max.

Has anyone heard of this type of payment and IVA being sucessful as I feel like I'm chasing a lost cause here.

[ianmillington]

With MBNA in a commanding position it is helpful if there is some evidence of attempts having been made to deal with the problem (well, their debt really) informally and for there to be a valid reason as to why that has not worked.

They have advised that they support the new protocol but that does not of itself mean outright acceptance. Clearly if you have just dropped straight into an IVA without attempting something else first then there is a risk of rejection.

Ian

[pms9999]

Payplan gave me the options of a DMP over like 25 years or an IVA. The IVA was started straight after that.

I remained in contact verbally with MBNA and made token payments but all their other suggestions have been around taking me to court and making a full payment.

I'm not sure what else I can do with them, I haven't the money to make any larger payments. I did write to them in Dec alerting to problems finding the money to pay them.

[ianmillington]

Hopefully the proposal properly sets out the rationale behind the IVA and details the fact that you have continued to make payments.

I would just wait and see what happens at the meeting. There is little point in worrying about what may or may not happen at the moment although I recognise it's far easier for me to say........

Ian

[debbiw]

Hi PMS999, and welcome to the forum. I am with Payplan, and also had MBNA as one of my creditors. MBNA voted yes at my meeting in December. Try not to worry, as Payplan would only put a proposal forward, if they were confident that it would be accepted. I wish you the best of luck

[no money eva]

Good luck for tommorrow - let us know how it goes mine is on the 3rd with a 22p return I am also with Payplan.

Best of luck.

[emma_t]

Best of luck for tommorrow, please let us all know
Emma x

[pms9999]

No worries will let you know.

Can't see anything other than a no though especially how MBNA have been with solicitor letters etc.

[no money eva]

Don't be disheartened they may well say yes, after trawling this site I am beginning to be optimistic about mine on the 3rd. There have been no no's in the last few weeks that I have seen. My return is very low considering at 22% but is 0% in BR. The way Im now looking at it is the fact they would be mad to say no - as at least they are getting something back with the possibility of getting more if I get a rise or when childcare is no more etc etc.

Chin up and good luck, got everything crossed for you.

[angela18]

you've got to try and be positive... unless you drive yourself loopy[:I]

[aguise]

All the very best for tomorrow, stay positive.

Ang

[debbiw]

Good luck today, I'll be thinking of you, let us all know the outcome

[Skippy]

Good luck for today x

[kandh]

Good luck for today

[sblack]

Good luck for today
MBNA sold our debt to Eversheds/Max Recovery without letting us know before the meeting.