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Since having had our iva accepted in june of this year my wife and i have had some letters from debt collection agencies stating that some of our debts have been sold to them.
Why is this done,is it because our debtors cannot wait to get some money
and is this a good thing if we ever consider a full & final in the future

Hi iamnotanumber and welcome to the forum, it is cheaper for your debtors to sell the debt onto another company, as they no have to deal with the administration of the debt. And yes they can release capital a lot quicker.

As for whether or not it will be better for a full and final depends on how much they bought the debt for, but I am sure some of the expert IPs’ will be able to let you know more about that.


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Hi there I think a lot of companys sell the debt on we have had at least four sold on in the first six months, to eversheds. They can buy them at quite low pence in the pound so they can be more accepting of offers but as mike said a lot depends on how much they bought them for.

Ang

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Hi
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 £.
Regards

Andy Davie
IVA.co.uk Spokesperson

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If you have a F+F settlement agreed in an IVA with original debtors, and then it is sold to debt collecting agencies before the monies are repaid and who want less pence in the pound paid back, then would this up the % you would be paying back in the IVA?

Hi silversurfer

The buyers of the debts would want the same dividend that was offered to the other creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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Hi
Max recovery it seems has bought the majority of my debt. As Melanie says, they have not got any less than what the creditors originally wanted. Seems, out of 9 creditors, I now only have 2.

Sue

Ho Hum! Think I'll bang my drum!

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