www.iva.co.uk

Hi, my IVA got approved in Oct2007, i just got a letter from Eversheds. Saying Barclay card has sold and transfered my account to Max recovery. I did a search on the forums, but i couldnt find the complete answers i am looking for. On the last paragraph of the Eversheds letter to me it says " For avoidance of doubt, we will be dealing direct with your Supervisor/trustee in Bankruptcy as required by law and is extremely unlikely you will be contacted by us again. There is no need to respond to this letter. Eversheds LLP "

I am now really concerned are they planning to make me bankrupt? or is this some sort of standard letter?
Thankyou

Hi
Nothing to worry about,standard letter and they will have no plans to make you bankrupt.
Just pay your IVA each month and you will be fine
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

I have had lots of these letters from Eversheds and have never heard anything further from them - so far at least!!!! At the last count Eversheds / Max Recovery have acquired six of my accounts.

Hi there I am the same as optimist we have at least four of these.

Ang

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

I wonder just how many debts / accounts Max Recovery have bought altogether? I never even knew this happened until I entered IVA World!!!

I bet they have a lot. It worried me the first one but I randg my company and theyt reassured me this was standard and not to worry. I have my little max recovery file now.

Ang

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

Thanks everyone for your replies, surely puts my mind at rest now
Thanks [:)]

Worried now ....I dont have my IVA in place yet and havent even had a creditors meeting, why would Max recovery have bought thisd debt and how would I go about paying the money off should I not get the IVA?

Hi
Once banks know that you are in financial trouble they tend to sell the debt on as the admin in supervising your account is costly plus they can no longer sell their product onto you.These companies buy your account for approx 10p in the £1 and therefore are fairly supportive of IVAs as they will see a fair return on their investment
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Not sure the fact that they have bought the debt usually goes quite well as they will now have the vote and will have bought it at a reduced cost. My hubbys mbna was bought before the iva and they voted yes, but my mbna wasnt and they voted no.
I would ask your company about it just to be sure.

Ang

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

Great thanks, I rang my IVA company and they confirmed it is standard and not to worry.Andy, Thanks, the fact they bought the debt cheaper and we are offering 25p in the pound makes me feel slightly better due to the fact they will most likely vote yes. (fingers crossed)
I was worried that this company would vote no and end up having bought nearly all my creditors by the IVA meeting and end up having to owe more to this one company![xx(]

Hi

I wouldnt worry about the Eversheds letter- good advice from the others. Eversheds are notorious at front-loading cases (i.e. being prompt at initial contact) but their ongoing contact is always poor. They are probably more systemised than their Clients!

Kind regards

Julian Sampson
Solicitor
Wright & Wright LLP
www.wrightandwright.com
See my article in Clean Slate magazine