www.iva.co.uk

Got a letter on Saturday from Eversheds saying that my MBNA account had been "transferred and assigned" to MAX Recovery Limited on 18/02/08, and administered on behalf of Eversheds LLP Solicitors.

They also said that "for the avoidance of doubt" they will be dealing direct with my nominee/supervisor.

Bearing in mind my IVA was approved 11/01/08, have I anything to worry about here?

hi im no expert but i think they have to abide by the IVA agreement but the experts will be along shortly try not worry im sure your safe

Nothing to worry about - just a simple sale and purchase of a debt. The letter has been sent for your information only.

Your Nominee / Supervisor will be able to deal with this directly so there is no need to worry.

Hi cr15py -

I have had 8 "Eversheds" / "Max Recovery" letters over the past year. Beyond these letters I have never received anything further - no letters / phone calls etc. about any of the debts in question.

Thanks guys - just wanted to double check. The letter does say that it isn't a payment demand, and that it will be "extremely unlikely" if I hear from them again.

I shall just do the usual with it then and forward it to my IP. [:)]

I got two letters from Eversheds when I was going into my IVA (October 2007)and never heard a word since. I think they are just for information.

I was thinking about this the other day - not worrying, just analysing/thinking/wondering!

Why would someone want to buy a debt that's covered by an IVA? I tried to think of some economic and viable reason, but I couldn't!!

Because they buy it for between 5p and 10p in the £ and then eventually (hopefully) collect a much higher dividend thereby making a profit.

Why are MBNA so funny about IVAs as most of the time they would get far more from an IVA than if they sold it to Eversheds. It seems mad

They prefer their customers to deal with them directly rather than involving third parties.

That what is good about an IVA all creditors have the same pro rata. So it is a lot fairer really

Must not be getting this - why would MBNA sell my debt of £4,500 probably for about £800 when they would get a dividend back of £3,500+? I can now see why Eversheds would buy it!

Is there a lot of work done by my creditors with regards to an IVA once it has been approved?

I'm just trying to understand all angles, because apart from being in an IVA I do find the whole process very interesting!

Seems mad I know but I expect it is a bird in the hand all be it a lot less is worth more than a bird in the bush. They may have to wait 5 years to get back a bit more but they are taking a gamble on the fact the debter will not default & go bankrupt & they may end up with nothing.

They would prefer to have something now and move on, rather than the administrative burden of collecting small amounts over a five year period.