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MBNA - Blackmail
Hitme
Posts: 108 Forumite
Well it feels like it anyway.
I'm in the last stages of trying to set up an IVA and my ceditors meeting is in May. I've recently been contacted (again) by MBNA saying that my large debt with them is about to default (4 days before the meeting) and I need to pay them approx £160 to allow them to hold it for another month.
I pointed out about the IVA and the up coming creditors meeting and they told me their policy would be to accept the IVA if the debt was still with them but if I didn't pay the £160 the debt would default and be sold on and the new party would be very unlikely to accept the IVA. In fact they basically went on to say if I pay they will accept if I don't then they wont.
Not sure what to do, we could just afford to pay the £160 but it would wipe out our recently started emergency fund as our IVA payments are due in May so there will be no other spare money. I also object to being blackmailed like this so don't want to pay them the money but if I don't and the IVA gets rejected I'm not sure quite what we'll do then.
Arrrgh. Got a few more days before I need to pay/not pay still not sure what to do for the best.
I'm in the last stages of trying to set up an IVA and my ceditors meeting is in May. I've recently been contacted (again) by MBNA saying that my large debt with them is about to default (4 days before the meeting) and I need to pay them approx £160 to allow them to hold it for another month.
I pointed out about the IVA and the up coming creditors meeting and they told me their policy would be to accept the IVA if the debt was still with them but if I didn't pay the £160 the debt would default and be sold on and the new party would be very unlikely to accept the IVA. In fact they basically went on to say if I pay they will accept if I don't then they wont.
Not sure what to do, we could just afford to pay the £160 but it would wipe out our recently started emergency fund as our IVA payments are due in May so there will be no other spare money. I also object to being blackmailed like this so don't want to pay them the money but if I don't and the IVA gets rejected I'm not sure quite what we'll do then.
Arrrgh. Got a few more days before I need to pay/not pay still not sure what to do for the best.
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Comments
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Remember only 75% of creditors need to agree to IVA (I'm fairly sure!)
I'd take guidance from whoever is helping with IVA - who are you using?Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0 -
Try having a look on this forum:
Debt Questions Forum
there are some really knowledgable people on there, who might be able to assist you, and generally you can get some good advice about IVA's.10 1p's are better than no 10p's !!! :think:
BSCSC member #35
Doesn't expecting the unexpected make the unexpected become the expected?;)
Remember, posts here are just the informed views of someone with similar experiences to your own or with some basic understanding of the issues.
Please remember, if in doubt, seek professional advice!0 -
There are plenty of people on here who can advise about IVAs, I'm sure they'll be along soon!
Best of luck with your decision and setting up your IVA!Don't stress, relax, let life roll off your backs. Except for death and paying taxes, everything in life is only for now... Avenue QOfficial DFW Nerd Club - Member no. 003
Proud to have become debt free... and striving to keep it that way
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