Max Recovery

Mo · Joined: 05 Dec 2006 Posts: 4

I've just started an IVA and ive just been told that Max recovery has taken over my debts with one of my creditors!

What does this mean?
Will it affect anything? they will still write off my debt etc at the end of the 5 years wont they?!

any ideas?

Andrew · Posted: Tue Dec 05, 2006 1:18 pm Post subject:

DON'T PANIC: Your original creditor just wants shot of you. They've sold the debt to MAX Recovery for, probably, quite a lot less than you've undertaken to pay in the IVA - they'd rather get a little now than more later (and also transfer the risk of your IVA failing to someone else).

BUT... MAXRecovery are just as bound by the IVA as the original creditor was.

Usually, these days, they buy the debt before the IVA goes through, so they might propose modifications. However if your IVA has gone through then it stands and won't be altered - unless you stop paying.

All the best,

Andrew

Mo · Joined: 05 Dec 2006 Posts: 4

WICKED, was worried i'd have to go through the process again!

Cheers

uklaserman · Joined: 07 Aug 2008 Posts: 1

I've just finished an IVA. MAX RECOVERY had registered three credit cards as defaults on the day the IVA started and this sticks like the proverbial in your credit references. They were the only people to do this of the creditors, obviously they are the more vindictive type. I suggest you request your credit refs in a couple of months and see if they are showing any defaults