Failed IVA and Max Recovery

Harper75

Hello all. I'll try to keep my story/problem as brief as possible. Basically I entered in to an IVA 3 years ago with Payplan after accumulating 100k of debt (much of it through gamblimg I am ashamed to say). I Was paying £610 per month but after a change of circumstances this failed after 6 months. Since the IVA failed I have not heard a thing from any of my creditors ( I assumed this might have been as I moved address although Payplan knew of this) then yesterday morning I received two seperate letters from a company called Max Recovery. They were not threatening (they say something about they are obliged to send me statements as per some 1974 act) but were statements regarding two of my debts (Barclays and LV). I assume they have bought these two debts and expect more similar letters in the post as I had 7/8 creditors when entering my IVA 3 years ago. As two and a half years have passed since failing my IVA I almost put it to the back of my head though I knew I had to do something about it. These letters have shook me up and scared me and now I want to do something as I can't continue like this. I want to get on with my life. I know many will ask why I didn't just go bankrupt but I just didn't want to. I wanted to pay something back and still do! I would quite happily pay something back to my creditors every month for the next 10 years though I am earning more then 50% less then I did when I took on the original IVA. Obviously I am never going to be able to pay the full amount back but ideally would like to try another IVA if I could. Anyway that is my story. Any help/advice would be great. I am so scared. Thanks for listening.

fermi

Max Recovery buy up a lot of debts that go into IVAs etc.

If the IVA has failed, then they will eventually try to pursue the debts. Sounds as if they may not have registered the failure yet though?
You can do another IVA, but obviously you would have to start from scratch with new proposals. Or try a DMP if that might be more flexible for you?

Harper75

Hello and thanks for replying. Surely if my IVA failed two and a half years ago it have registered by now wouldn't it? Like I say yes an IVA would be my preferred option unless I could pay £100 a month in a DMP like forever or for 30 years though the debt would never be cleared.

fermi

Harper75 wrote: »

They were not threatening (they say something about they are obliged to send me statements as per some 1974 act)

That is what they normally do for debts that are still covered by an active or completed IVA, so I was wondering if they had bought these debts but not been told by the creditor/IP that the IVA had failed?