Mbna & iva

struggler

Waiting for creditors meeting next week (16th) re F&F IVA offer. MBNA are still in constant contact and now asking what plans I have if IVA is not approved. ( Don't have any). Has anyone come accross this before ? Hope they are not implying they will not approve it !

Nargleblast

If they keep hassling you then just tell them that you have been advised an IVA is the best solution for you and for all your creditors, and if any creditor vetoes it then you will be taking further advice from your financial advisor as to what to do next. You could hint that the other options that were mentioned to you mean that your creditors get little or nothing back, so your creditors would be well advised to accept the IVA proposal! Of course, the person telephoning you will not be in a position to influence the vote, he/she is merely an employee doing their job, but it will show that you are not going to be bulldozed into paying money you can't afford. They are fully aware of the IVA proposal so are just chancing their luck to see if they can squeeze anything out of you, but that would be unfair to your other creditors. Suggest you inform the IVA company that they are putting this pressure on you.

Deep_In_Debt

I agree with the above. I'd say that it is in their interests to accept as the other alternative could be bankruptcy which will mean they will receive nothing or a lot less.

Don't be bullied or pressured by them - I wouldn't even answer the phone to them.

keeno14

MBNA was one of our creditors also, they too hounded us for weeks leading up to the meeting of creditors, so much so we unplugged our home telephone. Once the IVA was agreed, it took a good 2-3months before MBNA finally stopped contacting us (works phone) and even sent letters of apology to myself and my partner. Good luck with the meeting!!

struggler

Thanks Keeno, its gone quiet now, meeting to-morrow am ! IP was on phone saying 92% in favour so far which is hopeful with a few more votes this afternoon. Will post result.

Charco_2

Good luck Struggler, sounds good though!

robbies_gal

ive heard mbna always say no to an iva proposal why is that?

isnt it in their best interests to jsut say yes and usually most of the others do anyway

lexie2005

MBNA hounded us the same but they didn't even vote when it came to it. I think you only have to have 75% say yes for it to be approved