www.iva.co.uk

Hi, my husband and I both had IVAs through Payplan and these were ended on 27th May this year after our full and final settlement was accepted. We received the completion certificates last weekend.
Both my husband and myself had a credit card with Cahoot, owned by Abbey. These did not bother voting at the meeting to accept the full and final, nor did they vote at our original meeting to accept the IVA.

However, on Thursday this week we both received a letter from Abbey stating that on 3rd July 2009 our debt had been sold to a company called Capquest.As you can imagine we were somewhat taken aback by this so we contacted Payplan. The case officer we had was unavailable and the person I spoke to did not seem to grasp what had happened. She asked me if there was a telephone number for Capquest on the letter, there was so I told her it and she said she would ring them to remind them that our IVA was complete.

Today two letters arrived at our address from Capquest which were obviously intended for Payplan. They were both addressed as follows: The Insolvency Dept. Payplan, then our house number and street, Grantham, then our postcode. We could not believe it. I will have to contact Payplan again on Monday to let them know about this latest event. The letter was informing Payplan that they had bought my and my husband's debt and that all future dividends should be sent to them.

How can Abbey have done this? Our IVAs completed on 27th May this year and they then sell on the debt on 3rd July. Surely this cannot be allowed.

Also, how quickly does an IP make the payments to the creditors after the full and final has been approved? We sent off the money immediately after the meeting so surely Abbey would have received their share before 3rd July.

Can someone please advise me on this matter? Thanks.

This has happened before.

If your debts were included in your IVA then you have nothing to worry about. I think Capquest have bought a lot of debt recently.

Don't worry.

i agree with jan whoever buys any of your debt would have to concur with the completion of your iva, sounds like lack of communication i would,nt worry it should get sorted quite quick,payplan are usually on the ball.

my husband got the same letter today he had a loan which was included in the IVA his letter said more or less the same im not worried as his IVA is still ongoing but im sure yours will be fine just show them the completion certifcate.

We had the same as that - emailed them to tell them to get on with it and not heard anything since.

Sent the letters to Payplan.

As long as the debt was included in the IVA then you have nothing at all to worry about.
Your IP has a duty to act on your behalf to sort this out and as someone has poitned out it maybe that capquest have just bought a job lot of debt and havent actually looked into who has entered IVA's etc.

Paul

seems to be happening a lot lately,just goes to show you that the banking community has no idea whatsoever what is going on even within there own companies,or,possibly something more sinister such as writing off the same bad debts twice to possibly over exagerate the level their bad debt,which would be a very disturbing revelation into the state of the banking system at the moment.

If the debt was included in the IVA, it can be ignored or the letters sent on to the IP.

I certainly didn't let it bother me.

Don't let it worry you, again it seems that communications between companies are not what they should be.
Payplan will sort it out for you and as long as the debt was included in your IVA, it will be the last you hear about it, its their problem not yours

Thanks for all the replies, I am going to send all the letters we have received to Payplan tomorrow so hopefully they will sort it out and we can get on with our debt free life.

They are annoying as I keep getting them too, your ip will sort them out.

hope you get everything sorted after paying so much in. good luck

I would get on the phone to Capquest and read the riot act. They have no right to be sending letters to your home addressed to the Insolvency Team at Payplan. Anybody could see this letter and become aware of your previous financial problems.