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Posted: Sat Mar 29, 2008 5:42 pm
by Martha07
OK. I could be being a bit thick but I received a letter today saying that GE money had transfered and assigned my account to Max recovery ltd and that my account will be administered on behalf of Max recovery by eversheds.
It also says that they will bew dealing with my nominee/supervisor/trustee in bankrupcy as required by law. It states that it is not a demand for payment and I am unlikley to be contacted by them again.
I am just a bit confused as I'm not sure what it actually means?!?!?!?!
Posted: Sat Mar 29, 2008 5:59 pm
by Emily
It means GE money have offloaded your debt to Max Recovery and so GE money is no longer associated with you or your debt. It is not just Banks who trade in debt to make money with debt. Max RE' does too.Clever??
It doesn't matter who the debt is sold to. Your IP is who your creditors will deal with.
Posted: Sat Mar 29, 2008 6:12 pm
by maxdebt
Max Recovery now own over 50% of my debt!! My dealings with them have been amicable and they voted YES at my meeting for 25/£
Posted: Sat Mar 29, 2008 6:39 pm
by Martha07
Ah, thats ok then. We (my husband and I, joint) are offering 29p/£.
I take it that this means that it'll beMax recovery who'll be voting.
The main thing I was worried about is that if my iva is rejected, will Max recovery still demand payment in full or would they agree to a dmp?
Posted: Sat Mar 29, 2008 8:58 pm
by go_4_broke
Hi Martha
I don't think you need be too concerned.
Once a debt is sold the relationship between the original amount and what the purchaser expects to recover is tenuous at best.
It's more that they use the original debt as a licence to extract whatever they reasonably can from you.
As their expectations will not be high they would be more than likely to agree a DMP I would think.
Best Regards, Simon