letters saying companies have bought my debt

4 posts Page 1 of 1
Post Reply
 
 

ds_

User avatar
Posts: 1
Joined: Mon Sep 17, 2007 9:11 am
Location:
Post by ds_ » Mon Sep 17, 2007 9:12 am
Quote
ive been in an IVA for just over a year, and am now recieving letters saying companies have bought my debt. Is this normal and how does this affect me?
Top
 
 

Lisa2009

User avatar
Posts: 5411
Joined: Thu Aug 16, 2007 12:17 pm
Location:
Post by Lisa2009 » Mon Sep 17, 2007 9:18 am
Quote
Its perfectly normal, they buy "bad debts" at a much lower price but dont worry this should not affect you in the slightest.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
Top
 
 

mikebdomain

User avatar
Posts: 1126
Joined: Thu Aug 23, 2007 10:03 am
Location: United Kingdom
Post by mikebdomain » Mon Sep 17, 2007 9:23 am
Quote
Hi ds_ and welcome to the forum, it is cheaper for your debtors to sell the debt onto another company, as they do not have to deal with the administration of the debt. And they can release capital a lot quicker. And as Andy has said in a previous post on this subject

“I think it,s a positive move especially if you may one day propose a F+F as these third parties will have purchased the debt for approx 10p in the £.”


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf
Last edited by mikebdomain on Mon Sep 17, 2007 9:24 am, edited 1 time in total.
LEYBRIDGE LIMITED
Mortgage Broker & Mortgage packager
Directly Authorised Firm FSA No:313790
CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Top
 
 

iva experts

User avatar
Posts: 1271
Joined: Thu Apr 20, 2006 5:31 pm
Location:
Post by iva experts » Mon Sep 17, 2007 9:28 am
Quote
Hello ds,

As your are in an IVA you should not be directly affected buy your debts being sold. Your IVA is legally binding on both sides, so I believe your IVA should go ahead as normal.

Best Regards. IVA Experts
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
Top
Post Reply
4 posts Page 1 of 1
Return to “postbag for september”