Been to collect the post today and have a small forest of letters arrived. Seems that 70% of our total debt has been sold on to other companies.
I understand it doesn't affect us in any way at all, but I wonder, could this have a positive effect on our F&F offer? I've read on here that the debts are sold quite cheaply so if we are offering an amount that, in total with our payments made to date, exceed the expected divided by a couple of pence in the pound, maybe just maybe it will be accepted?
See how I've gone from a confident poster to a quivering wreck now we are back in the negotiation loop again!! lol - I need to give myself a slap I think..[:D]
Felt quite odd when the first one came through the door a few years ago, it felt like the creditor had abandoned me, lol i know daft!
For me only my smaller debts where sold off, which i find odd, my bigger debts the original creditors still have a hold on those.
-edit, forgot to add its coming to the end of the year as well, so most creditors sorting out loose ends etc, writing off debts as the new year is only 8? weeks away.
Last edited by antm on Sat Jan 14, 2012 10:17 am, edited 1 time in total.
I thought we may get one or 2 letters, but got 5!!! I suppose it's a good thing they have been bought by 2 different companies so they both get a vote at the variation meeting.
The only one I would love to abandon us (HSBC!) still have hold of us. They just don't wan to say goodbye after 30 years of business. lol
Kazza I can almost feel the blood draining from you as you opened yet another letter. It's strange to think there is value in your debt while you are in an IVA. It could be simply about the percentage interest rate each of the companies bought the money they leant you and they are in a win:win.
I have just started the path towards an IVA, but last year one of my creditors sold one of my loans to another one of my creditors. It sent me into a depressive fit I can tell you. However nothing has happened at all.
When debts are sold on to third parties, this can often be at quite low rates, and of course the purchasing company will be looking for a return on their investment. So if the full and final offer is a good one there is every chance of a positive outcome for you.
Thanks Mel - I am hoping the fact I can no longer work so won't be able to pay the IVA may help swing it in our favour. My pension will be £500 per month less than my wages less the £310 IVA payment so on paper there's no way we could continue.
Hiya kazza, I'm in the very same situation. Very early stages of making a full and final, and this morning receive a few letters informing me that 4 of my credit card debts have been sold on between 2 other companies. I was also wondering if it may make full and final offer more likely to be accepted.
Good luck
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
I remember now how I felt before going into the IVA!!! I suppose the best thing for me will be to provide as much evidence as possible. The guy dealing with the vaiation meeting has suggested I forward any medical evidence I have confirming my physical and mental health (I'm not ashamed to say I had a bad episode in November and I am now being monitored by my GP and my hubby). I do have all the letters that supported my ill health retirement application so they will be sent in together with details of the things I am having to do to help the condition (motorised wheelchair, wet room being put in etc etc) and let them decide.
Good luck to you too. Do you know when your meeting is?
I'm not surprised by this Kazza, my debts are mostly over 10 years old and I had terrible trouble tracking them all down simply for the IVA application. Some even denied that I owed any money, even though I had been making monthly repayments for that period of time. Also when we applied for the IVA still more were transferred on again to other agencies. I do hope that you get it all sorted out and wish you loads of luck x
We are all in the gutter but some of us are looking at the stars - Oscar Wilde. My blog: http://car1e.blogs.iva.co.uk/
I've had one of those letters today but mine is only for one of my debts. It will be filed with my IVA paperwork.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It's a political thing Dawn. They sell on debt for a fraction of it's worth and then write it off as a loss. That way there books look a lot healthier, with less toxic debt on them. It's a pity they don't give the debtor first refusal !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Absolutely Dawn! It's down to whether your creditor wants to hold on to the debt with a guarantee of only a % being repaid and all the admin costs with keeping the debt.
Maybe if they can sell on the debt they can also praise themselves in reports for having less defaultors than the previous year, or am I just too cynical in my old(ish) age!!
