Any dealings with MAX Recovery?

[Angelus]

Hi all,
Has anyone here had any dealings with Max Recovery? Out of our seven creditors they have bought the debt off four of them. They are obviously not demanding money but I don't know what this entails. I know that I'd get more sense out of you guys than my IP (sadly).

Best Regards

[hallway]

They bought a lot of my debts no problems ,voted yes in iva, no problems since

[lenalena]

Hi,

It would appear that they wholesale purchase debts.
Owned by a US company Bear Stearns & Co.
Been established since 1992.
With this in mind they will get more back under an IVA then they paid.

Fingers crossed the vote goes for you.

KR, Lenalena

http://www.debthelpexpert.org

[MelanieGiles]

Lena is correct - this firm purchase debts for low value from the individual lenders, in the hope that they will make a return by either their own collection proceeds or receiving dividends from insolvent estates.

They are usually very commercial when deciding whether to accept or vary voluntary arrangements.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Angelus]

Thanks Guys,
Were already in an IVA which has been running since December. Over the past few days we've recieved a number of letters form them saying that they are now incharge of several accounts that we used to have.

Like most people on these posts we have a year 4 clause, which I have been hoping to take advantage of as my IP set our IVA over 6 years rather than 5. I was made redundant in December and found work shortly after, but at a much reduced wage. I approached my IP who said they would be happy to arrange a meeting of our creditors but if it failed it could end in BR. So as a result we have lived hand to mouth ever since, hopefully with this change of status of creditors there is light at the end of the tunnel.

Sorry to blab on, thanks for your help.

[MelanieGiles]

Yes Angelus - this could now be of real advantage to you, as the original creditors will probably have sold the debt for much lower than the dividend you have offered, giving Max Recovery a more speedy return on their investment.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Angelus]

Yes Angelus - this could now be of real advantage to you, as the original creditors will probably have sold the debt for much lower than the dividend you have offered, giving Max Recovery a more speedy return on their investment.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thanks Melanie,
You've made my weekend, possibly my life. Don't get me wrong, I want to pay back as much as I can. After I was made redundant in December I took a job which was lower paid that my original one, when I contacted my IP they said that could hold a meeting of creditors but it could result in them voting for BR, which I want to avoid. So since January we have lived hand to mouth and although I am aware that this is no means certain, it gives a ray of hope that the end is in sight.

We have who children under 5 and it's been hard having to save the money we would buy them simple treats like an ice cream because we know that it could go to paying for new shoes etc ( feel like the Yorkshiremen off Monty Python)

Thanks for your help, its appriciated.

[MelanieGiles]

Hi Angelus - I don't usually recommend clients to look to early settlement when they have the final year equity release clause, but due to your change of circumstances and the fact that you no longer have the income that your previously enjoyed, I feel that you have a good case. Make sure that your IP highlights these points in his variation report, and bankruptcy is not necessarily the only option if the variation is turned down, you could continue with the existing IVA payments.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[redhead]

Hi Angelus - Max Recovery said Yes to mine and were very quick in replying as well.

IVA now finished - Been a long old journey - I have learnt my lesson Im now DEBT free and it feels good!!!!

[Angelus]

All you guys have been really helpful. I too have learned my lesson, I'll never touch another Credit Card or Loan for the rest of my life. If I want something that bad I will do what my Grandparents did and save for it. I see my friends out spending on cars, clothes etc and I get mixed feelings of envy and pity because it only takes a few unfortunate circumstances for them to end up where I am.

In a few weeks I have a chance at promotion which will bring me closer to my original wage, which would mean an easier life for the time being.

I'm feelin' like a Monday but someday I'll be Saturday night.