Question re mbna and iva application

DrowingNotWaving

Good afternoon

I have just applied for an IVA through Debt Free Direct. Approx. 30% of the debt of £40,000 is wth MBNA. Does this mean my application is doomed to fail? I have the most terrible knot in my stomach and just need to see some light at the end of the tunnel.

TIA for any responses.

To_be_Free

Hi,
MBNA are pretty strict and do look for about a 50p in the £ return.

I would personally not go with DFD one of the debt charities give good independent advice one such as the Consumer Credit Counselling Service (CCCS)

Martins guide here http://www.moneysavingexpert.com/loans/debt-help-plan#help is worth a read.

Nargleblast

Not necessarily doomed to fail - if an IVA provider thinks your IVA proposal is feasible then they will do all in their power to persuade any creditors to agree to it, even if it means negotiating slightly on fees - because if it's thrown out then the IVA company will have done a load of work for nothing! It is horrible I know waiting for the decision, but it will soon come. I would second the advice given by To be Free regarding talking to one of the debt counselling charities, just for a second opinion if nothing else. Good luck.