WHO ARE MAX RECOVERY

[johnpaul]

can anybody tell me who max recovery are they have brought 2 lots of debt from mbna

JOHNPAUL

[Skippy]

As far as I know they are a debt collection agency who act for some of the major banks.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[pixie]

I thought they were a company that bought the debts rather than just collected them. They took over my mbna and a&l debts before the creditors meeting and voted yes.

[johnpaul]

thats very handy to know pixie they brought 2 or my debts up from mbna

JOHNPAUL

[Cybus]

Max Recovery or Eversheds take assignment or 'buy' debts from lenders.

Most likely the lender has had difficulty in recovering their debt and it has gone 'bad' on their books.

Max Recovery are taking a gamble if you like, that the debt can in some way be recovered and will have 'bought' it from the lender. So the lender now has a smaller bad debt provision and Max Recovery are hoping that they will get more out of the IVA than they 'bought' it for from the lender. It's a gamble, but one they take on a very large scale. I can only assume they buy these bad debts for quite a knock down price.

All it means to you is that instead of MBNA or whoever it may have been that you owe money to, it's now Max Recovery. And the fact that the debt is theirs does not mean they are outside the arrangement. They are still bound by the terms.

Tell it like it is.

[johnpaul]

i think andy davie said they other day they buy them bad debts for 10p in the £

JOHNPAUL

[Lisa2009]

They do buy for something like 10p in the £ but this does not mean that they will take a lesser dividend than originally agreed in your IVA. They still recieve the same.

[johnpaul]

unless a lump of money was offered to them

JOHNPAUL

[Lisa2009]

Possibly but this wuld have to still be agreed by a percentage of the other creditors too not just them

[Soulgrowth]

Has anyone had experience of Max Recovery's voting trends in a full and final settlement? ... will they take less than the IVA dividend do you think ... if the only option is accept the F&F or bankruptcy?

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[Lisa2009]

I have made an offer for full and final with max recovery owning 2 of my debts. Aparantly they are very commercial at voting for F&F but a lot also depends on the other creditors too

[Lisa2009]

I think if they own the majority of your debts then your F&F stands a good chance of acceptance.

[Soulgrowth]

I think they own a good majority of them now ... I intermittently get letters advising me that they have bought another one. It always raises a smile for me as it reminds me of playing Monopoly and working one's way around the boards buying things up!!

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[Lisa2009]

I shouldnt think you have a lot to worry about then if thats the case because eitherway they stand to make a handsome profit to what they purchased the debts for.
What are your IP's views?

[Soulgrowth]

Haven't got that far yet Skint ... I have a brand new IP and the process is about to start all over again!!!

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk