Debt Sold to Lantern Debt Recovery in IVA?

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Aceshigh1993

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Joined: Mon May 17, 2021 2:03 pm
Post by Aceshigh1993 » Mon Jul 18, 2022 10:02 am
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Hello,

I had two debts with Creation Consumer Finance for a Loan and a Credit Plan for Furniture, and both were being handled as part of my IVA.

Today I received two letters welcoming me to Lantern Debt Recovery for these debts, but I'm confused.

Why would a Debt Recovery Company buy a debt that they won't fully recover? A substantial amount of these debts will be written off at the end of my agreement, so I'm not sure what's in it for them?

I rang them because I wasn't sure that they were aware of the IVA, but they are and now they want me to contact creditfix to make sure dividends go to them and not creation.

Is this my job to do so? I would have thought all the admin would be handled by the IVA company.
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bowline

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Joined: Sun Aug 11, 2019 2:31 pm
Post by bowline » Sun Jul 24, 2022 2:03 pm
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Just tell Creditfix.

Lantern will have paid just a few pennies in the pound for this debt.
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austinhols

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Joined: Fri Dec 17, 2021 2:13 pm
Post by austinhols » Sat Aug 20, 2022 3:25 pm
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Breezy

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Post by Breezy » Sat Aug 20, 2022 3:45 pm
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Debt recovery firms often buy up debt from lenders in auction style ' job lots'. They buy them for pennies in the pound and take the risk that some will be uncollectable, for various reasons. If they contact you point them at your IP who is being paid to sort it out.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.
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