Selling on of debt after completion

[Squawky]

Now I've posted one question, I can't stop [:)]

I originally took out an IVA in 2006 and completed in 2007.

I have recently received a letter saying that my account was sold on to a debt collecting agency.

Can they do this as I completed it 4 years ago and the original creditor was paid out then?

[ginger3232]

Squawk

As you know the IVA - despite finishing early - will show on the credit file for the full six years. You need to check that default were not placed on your file after the IVA started. If they do these need to be removed - a copy of your completion certificate with do this direct to the companies data controller..

All the debitor would have been legal bound by the IVA- even if they did not vote.

If you recieve a letter from a debt collector agency - write(dont phone) with a copy of the completion certificate - it is their responsibiliy to then deal with the company who sold the debt on.

If they fail to comply to this - then they are in breach of their licence and you need to report them to OFT.

If you hang on here - if anyone disagree with this iam sure they will tell you + me

[Andrew Bowers]

Hi Squawk

Ginger's right. Debts get sold/assigned all the time especially after approval of an arrangement. Your IVA is in full and final settlement of your debts; even if those debts are assigned. It makes no difference to you. However, as Ginger suggests, you should contact them and provide a copy of the Completion Certificate.

[Squawky]

Thanks for that, so any instance of the debt collecting agency showing a default on the credit files needs to removed, not just the default date corrected?

They must have paid the original creditor some money for the debt, so surely as it's not a debt any more it could be construed as fraud?

[ginger3232]

i Think they pay a small amount of money for the ie (7p in the pound) - there are hoping to make some money on this.

Because there are so many people involved in - it takes years for the correct data to works is way down. Main thing is if the debt is showing on you credit file as dated post IVA - its an incorrect entry and needs to be removed - In your letter - mention the entry and ask for it to removed/updated. if it was part of the IVA it will fall off file in 6 years

[Squawky]

7p in the pound? I would have paid the original creditor twice that, and no need for an IVA

I am just trying to get all the default dates to the IVA acceptance date, (some have even put satisfied at the completion date).

I know that even if they do show satisfied then the default will still reign supreme until 6 years.

The credit reports are going to look a bit empty come April next year.

[ginger3232]

Most people try rebuilding it - by paying CTax/ bills on time/contract mobile phone,small limit on a credit card (high interest rate - so pay it off monthly)and good conduct of bank account and time.!!!! Unfortunately there is NO easy or quick solution to this

[Squawky]

How do you get stuff like council tax, electrical/gas, water on there?

I've never missed a direct debit payment on any of these, ever, but nothing like that is shown anywhere.

[ginger3232]

If you fall into arrears they will appear, as the companies themselves will register how your account is run. the fact there not there is good. Oh and dont forget the Electrol Roll (in case you moved recently) But simply using you bank account well/credit card well etc

[Squawky]

Or I could be homeless......

Bank account is good too, so wait for next year then try to rebuild.

[kallis3]

The utililites have never shown up on mine either.

Just make sure you have no defaults registered anywhere.

[MelanieGiles]

Do go back to the company who have written to you to confirm that the IVA was concluded and the debt was therefore compromised. They may have been sold something incorrectly, and in fairness ought to gave the opportunity to claim their money back - whilst disconinuing any further correspopndence with yourself of course.