Author Topic: IVA Failed, now want to offer a FAF to Max Recoveries?  (Read 2175 times)

engsnayl

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IVA Failed, now want to offer a FAF to Max Recoveries?
« on: Aug 25, 2010, 09:14:56 AM »
My VA failed a couple of years ago, it was approved at the time with a Div return of 20p/£

I've settled a good chunk myself with the creditors that came back to me once the arrangelent failed however most of the remaining debt has now been passed to or bought by Max Recoveries.

Basically I owe about £20k to Max in respect to 4 accounts that have been passed their way.

Under the VA that was agreed they would have received 20p/£ which to my working out comes back to about £4000.

I have about £3000 coming to me next month (a windfall you might call it) and I was wondering what the chances are that Max might accept that as a FAF on that £20k?

Anybody have any expeience in dealing with them, or could offer any advice?

Thanks

Steven Jackson

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Re: IVA Failed, now want to offer a FAF to Max Recoveries?
« Reply #1 on: Aug 26, 2010, 01:19:59 PM »
Hi there
 
Max Recovery probably bought the debt for less than 10p in the pound so anything over that and they would be in profit. £3000 might be enough to swing a FAF deal with them and it is always worth a go. My advice is to tell them that you might be able to borrow the sum from a friend or family which is only available if they accept a deal. Otherwise, they might press you for the £3000 + additional payments which they are perfectly within their rights to do.
Debt Expert
ivainformation.com

engsnayl

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Re: IVA Failed, now want to offer a FAF to Max Recoveries?
« Reply #2 on: Aug 26, 2010, 05:27:16 PM »
Thanks Steve, that's very interesting to hear about them buying that debt for next to nothing.

Thanks for the help

Steven Jackson

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Re: IVA Failed, now want to offer a FAF to Max Recoveries?
« Reply #3 on: Aug 27, 2010, 11:35:50 AM »
The debt purchasing companies always drive a hard bargain as they are buying debt that the banks feel they have no hope of recovering in a cost effective way. As such, buying debt for less than 10p in every pound is common. For this reason, if someone can make a lump sum available for you to offer a settlement, the debt purchaser will often go for it as they are doubling or tripling their money overnight. Let us know how you get on with your negotiations :)
Debt Expert
ivainformation.com

Re: IVA Failed, now want to offer a FAF to Max Recoveries?
« Reply #4 on: Oct 08, 2010, 11:17:38 AM »
Hi guys
 
One thing I would remind you of is not to make an offer if you havent got the funds in place in my experience the first full and final is the best. this is usually only valid for 30 days, if this expires the f&f figure usually increases, so get the funds then make the offer.
 
Good Luck
South West Debt Solutions.
www.CreditSolutionsSout

Re: IVA Failed, now want to offer a FAF to Max Recoveries?
« Reply #5 on: Oct 08, 2010, 11:21:10 AM »
Let me know if your successful, as I usually aim for 60% of balance, this may need revising looking at your figures and could help other people..
 
Many Thanks Gareth
 
South West Debt Solutions.
www.CreditSolutionsSout