Hi everyone. My IVA ONLY HAS 4 more payments yo completion and it's finished. I was puzzled the other day to get a letter from a company that had purchased one of the account in my IVA. Welcome finance £4000. The letter was not a demand for payment but merely a notification they bought the debt. What puzzles me is why a company would buy up accounts so close to the end of an IVA? Surely there's not much to gain or is there?
It's a gamble - they probably bought the overall debt for pennies in the pound hoping it works out.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Companies buy up blocks of debts for pennies in the pound, some will involve debts currently in ivas. Some they win or some they dont, either way it makes no difference to the remainder of your iva.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Normally a creditor will write the debt off at the start and claim their reliefs. Any income subsequently received can then be declared and tax rather than waiting for five years and writing off the balance. Many IVAs fail and creditors get nothing so prudency says write it off at the beginning.
we've just had notification that Welcome finance have sold on our debt, 2 months after our final IVA payment was made! bit naughty on Welome's part I think?
getting there ....
Got there!!
IVA started 27/10/2010
final payment 27/10/2015
CC received 6/5/16
Off the register 5/8/16
