MBNA have sold my Debt

[frequentflyer]

I have received letters today from Eversheds confirming that MBNA who I owe about £26,000 to have sold the debt to Max Recovery. My creditors meeting is this Monday 17th. I had been told by someone on the forum that MBNA tend to do this just before the meeting.
Does anyone know from past experience how this affects the vote??
MBNA were by far the majority creditor in terms of value and I was concerned they would vote NO even though I am offering 40p in the £.
Now they have sold the debt on...can anything be read into this....
All help appreciated

[aguise]

My husbands had been passed to eversheds pre meeting and got a yes vote, mine wasnt and mbna voted no, so maybe a good thing. Lets hope so.

All the best Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[maxdebt]

MBNA did exactly the same to me and Max Recovery ( bless them) voted YES to 25p/£ [:)]

3 down 57 to go

[aguise]

Yes by nthe way ours was 32p in the pound.
Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[frequentflyer]

Ok guys thanks for that it looks promising....with the meeting looming up Im looking for every positive vibe I can muster!!!

[herbek]

My iVA was approved with the original creditors november 2007 but have received letters over the past year of my debts being sold to other companies. MAX recovery being one of them (or all not sure, will have to check). MBNA being one of my original creditor voted yes I beleive.

Maybe once MBNA (or other creditors) who get an IVA proposal that is acceptable to them has started selling them on immiediately for the new creditor to approve (which you have to assume will always be yes otherwise why buy it??)

The interesting thing here is that I have quite a few of these so now rather than say 5 creditors at a variation meeting with 20% voting power each I could theorectically end up with only one creditor with 100% voting power if all my creditors sold my debt to one company.

Has that ever happened? Not sure if that could be a disaster or good news if a variation was required later.

Anyone??

[frequentflyer]

I would have thought the same....why buy a debt that you will not get any return from??

[herbek]

Well this leads onto another interesting scenario

Assume I own £50k with 50p in the pound return in the iva so £25k and they all get sold to one creditor (or more it works the same)

The original creditor sells it for 10p in the pound once approved so it's value is now £5k.

I then go for full and final and offer say £10k then surely the new creditor is going to snap it up as a instant 100% profit but this ends up as only 20% return on the original amount owed.

Ok - I've not taken into account IPs fee etc but in priniciple I'm thinking that the more my debt is sold on (at a price lower than the % of the debt repayment I originally offered I could theorectically get out of this mess for a much lover fvf than if the original creditors kept the debt on their books.

Answers on both my posts interestingly awaited for...

[MelanieGiles]

Max Recovery generally support IVA proposals so remain positive.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[caraf]

Did any of you with MBNA debt get a postcard home saying they will be called next xxx between 8am and 8pm
I DO NOT WANT ANYONE CALLING AT MY HOUSE
what should I do

[herbek]

I got one - Was I in - No. Err well maybe I was but did I answer the door. Yeah right....

[caraf]

do you know, did they actually call or not ??

[frequentflyer]

No, not heard of that one as yet, at what stage were you when you got the postcard??
As I said earlier...I got calls and letters then 3 days prior to the creditors meeting a leeter from Eversheds saying MBNA had sold the debt to Max Recovery!

[caraf]

I received the postcard this morning. My proposal went out to all the creditors last Tuesday and my meeting is 27th Dec

[herbek]

Honestly - No I don't know if they actually did turn up. I don't answer my door to anyone but that has nothing to do with the debt/iva same as I also never pickup withheld phone numbers (except the postman of course)