IVA's help, any knowledge of MBNA

diane42_2

Hi i am considering an IVA as i have built up a debt of 80k through failing business and redundancy. I have looked at thte info on the IVA websites and understand that 75% of the debt has to be agreed to go to IVA, i have 42k all with the MBNA as they seem to have taken over all my credit cards one by one. Does anybody have experience if they will agree to go to IVA or force bankruptcy??

sandralovescats

MBNA usually sell the debt on to a dca, if that is any help.

I was going to do an IVA myself. The only credit card company that has pestered the living daylights out of me, by phone and by mail, is MBNA.

By the way, on £80k of debt you will be looking at monthly repayments of around £800 per month!

Good Luck

rog2

Hi Diane - MBNA seem to be a law unto themselves - they appear, reading the threads about them, to be THE most difficult credit card company. My own experience with them also indicates this - they have been calling me 5 - 6 times a day, and that was for a £3k debt! As you say, the MBNA empire seems to have grown beyond recognition, by swallowing up other cards.
Unless you have considerable assets, I would think that it would be in MBNA's interest to accept your IVA as they would not get any preferential treatment from the OR if they did force you into bankruptcy.

sandralovescats

When I had a small problem with Barclaycard and ended up at the Trading Standards Office, I asked them which cc companies they had the least trouble with - it was MBNA - that was why I switched! That was 4 years ago.

MBNA certainly seem to have a bad reputation.

They were calling me from 8.30a.m to 10p.m and on Sundays - my debt was £5000. I put a block on the numbers they were using, so they went to withheld - I paid to have all withheld numbers barred! It has worked - so far !

notmyrealusername

With regards the IVA it is not actually MBNA that vote, they contract the decision out to an accountancy firm. I found that how creditors behaved when I began to default did not have any bearing on how they voted in the IVA proposal itself.

Have a look at this website, it is more specialized than this forum, there is a section purely on IVA's.

http://www.debtquestions.co.uk/debt_forum/

taplady

notmyrealusername wrote:

With regards the IVA it is not actually MBNA that vote, they contract the decision out to an accountancy firm. I found that how creditors behaved when I began to default did not have any bearing on how they voted in the IVA proposal itself.

Have a look at this website, it is more specialized than this forum, there is a section purely on IVA's.

http://www.debtquestions.co.uk/debt_forum/

Thanks for this. have had a quick look at the site and it's very informative:T