www.iva.co.uk

Ahhh ok, well good luck with it. I will keep the forum posted on my progress. My variation is now being prepared they told me today so hopefully wont be too long.[:D]

been told they brought mbnas debt from me and could buy hfc debt

JOHNPAUL

Well i would say the more the better [:D]

That is an interesting question that you posed in your initial post Soulgrowth.

I apologise for not answering it directly. Your question raised one of my own.

I am not privy to the dealings of Max Recovery and the amounts that they buy debts for. For arguments sake I will use the 10% that has been bandied about above.

Would Max Recovery take a purely commercial view in accepting a full and final settlement or would the exercise some consideration to other creditors who may be bound by the arrangement. For example if they could make a decent profit by accepting a full and final settlement would they do so at the expense of the other creditors?

I would be interested to know the answer to that one. Surely at some point they are going to start getting other lenders backs up.


Tell it like it is.

max recovery been told spend millions of pounds buy up bad debt just got that info from my dad

JOHNPAUL

I would have thought that they would still want to get as close to the original dividend as possible. I dont think them buying debts will just make for an easier way out especially as a percentage of the other creditors have to agree too before its accepted. They dont own the highest percentage of my debts, KMPG do so fingers cossed mine will be accepted, even though my offer is about 1p in the £ LESS than originally agreed. But i do have very good and valid reasons for wanting to settle early.

It will be interesting to see ... I think that they are verging on owning the majority of my debts now in terms of numbers if not amount ... it may even be a head to head with Max and Lloyds TSB ... Lloyds voted positively with my IVA.

Aren't most commercial organisations out for a profit for themselves? If I were Max and I'd bought a debt for 10p I'd jump at the opportunity of 20p ... especially if the other option was bankruptcy.

I will keep you posted as to how they vote when the time comes.[:)]

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

i agree but bear in mind before the debt is sold the will default you then sell the debt of have you checked your credit file debbie

JOHNPAUL

I think all our credit files were shot to piees a long time ago

To be honest JohnPaul I hope that I never have to encounter credit ever again ... so I'm not too worried about my credit file!!

www.babynamings.co.uk

www.soulgrowth.co.uk

what about mobile phones debbie and virgin tv or a bt land line phone or a bank account or a savings account these are now classed as credit

JOHNPAUL

Good point JohnPaul ...

www.babynamings.co.uk

www.soulgrowth.co.uk

I have been in my IVA for 3 years and none of the above have been affected in the slightest.

Contract phone i wouldnt have and u can stll have a basic savings account

i think that high street lenders will want to see of the debt as it looks bad on there books

JOHNPAUL