Questions about Individual Voluntary Arrangements and Insolvency.

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By spunky_monkey
#183745 what with the 'sky falling in' on the global economy, is it more likely in the current climate that creditors will accept a 'reasonable' (but reduced compared to the full term) offer now rather than hope the IVA lasts the full term.....?

as i mentioned ages ago, just under 75% of my debt now belongs to MAX recovery, so would they be in the same sort of financial pressure that an original creditor would be under?

spunky
Bybluesky
#184019 I don't think so, if anything in those organisations that are suffering the pressure on agents and collections depts to maximise income and minimise write offs and legal actions will increase . In my experience, the possibility that settlements are facilitated by agents is counteracted by target manipulation and changes of focus.
for eg.

if the pressure is to collect more cash more quickly, the temptation to a collector to accept 1000 from a 1800 debt will be dampened by an increase in the cash to be collected and the settlement cash target. driving the need to maximise what settlements are offered.

this occurs because the number of settlement proposals is unlikely to increase in any major way in a credit crunch environment

just my opinion based on something