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Help!!! Urgent advice please.
Useless_with_wonga
Posts: 233 Forumite
We had our creditors meeting today regarding an IVA proposal basically we were offering 50%. We have 6 creditors. The largest RBS and all the smaller creditors voted "Yes" for the IVA proposal.
MBNA who hold 27% of our debt voted "No" and as such the IVA proposal will fail as we can not achieve a 75% "Yes" without MBNA on board.
MBNA 's position is that they think they can get 100% recovery over 15 years.
Why are they being so bloody difficult? Anyway we need to reassess our options urgently. Our IP is going to attempt to re negotiate with MBNA by upping our offer to 60% of the 5 year term of the IVA. We can manage this if we can get them to agree.
I am so annoyed at MBNA why why why can't they be resonable like our other creditors?
We are seriously considering Bankrupcy despite the stigma and possible implications regarding my employment. Sure we lose our home but we could hopefully rent locally(Kids schooling etc to think about)
I think it may be the best option for us at least it will give us a clean slate.
any advice appreciated especially regarding Bankrupcy proceedures and what to expect if we take that route.
We are so scared and worried and are at a loss as to what to do next.
MBNA who hold 27% of our debt voted "No" and as such the IVA proposal will fail as we can not achieve a 75% "Yes" without MBNA on board.
MBNA 's position is that they think they can get 100% recovery over 15 years.
Why are they being so bloody difficult? Anyway we need to reassess our options urgently. Our IP is going to attempt to re negotiate with MBNA by upping our offer to 60% of the 5 year term of the IVA. We can manage this if we can get them to agree.
I am so annoyed at MBNA why why why can't they be resonable like our other creditors?
We are seriously considering Bankrupcy despite the stigma and possible implications regarding my employment. Sure we lose our home but we could hopefully rent locally(Kids schooling etc to think about)
I think it may be the best option for us at least it will give us a clean slate.
any advice appreciated especially regarding Bankrupcy proceedures and what to expect if we take that route.
We are so scared and worried and are at a loss as to what to do next.
0
Comments
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Have you tried the CCCS? An IVA is a product which pays commision to an adviser unlike a debt planHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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If bankruptcy does seem like a serious possibility, then it would be a good idea to post on the Bankruptcy & Living With It board with your questions and concerns.
Have you spoken to any of the non-profit charitable advice services such as CCCS, National Debtline or CAB? They will be able to go through the other options with you in an impartial way.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Hi
If you did not get advice about IVAs from a debt charity, then this may be the time to get some independent advice now. Just contact the folk in fermi's sig and see what they say.
CCCS have there own IVA provider but reckon that IVAs are appropriate for only 3 % of their clients.
See what they say before you get despondent.If you've have not made a mistake, you've made nothing0
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