www.iva.co.uk

When a person enters the IVA do most creditors sell on the debts on at a loss and the new creditor acepts the IVA? I just wondered if banks etc keep these on the books or write them off.

A lot of my debts have been sold onto Max Recovery (Eversheads) Not all though the big one was with First Direct and I think they still have the account.

Most of them are sold on, Eversheds/Max Recovery have a lot of mine,
plus Robinson Way.

I think the majority of them get sold on.

How would I know if my debts were sold on Jan ? My 4 debts are all with RBS and I have had no notification that they have been sold on thus far.

You would usually recieve a letter off whoever buys your debts. Hubby did anyway.

They also say they have to send out yearly statements of the accounts, well max recovery did last year anyway.

Funny the other creditors didn't

On the statement it will tell you what debts they now own. I had about 6 or so letters all in seperate envelopes all on the same day.

It would have saved them postage to have sent them all in the one envelope

Thanks Lisa - I guess it was a dumb question but here is another one: Seeing as my IVA is 21 months forward now, would the RBS sell the debts on at this seemingly late stage?

there is nothing stoping them selling the debts on at any point while the iva is running at all.

Don't know what they would get in terms of dividend though as presumably the IP has already made intrim dividend payments to the creditor already.

They do usually write to you, I know all of mine did.

I think all of mine are now with a different company to the original.

howdo pelder,hav,nt heard you for a while,a few of my small creditors sold my debt onto max recovery ,upto 3 years down the line,i dont think theirs a timescale,but they do write to you out of courtesy to let you know,i think the large creditors hold onto the debt to keep them in control.

None of my debts are with the original creditor, including the big ones.

They've all be sold on.

just one vote needed for you then jan if you put a f&f offer forward.

No, they've all been sold on to different firms.

kallis3 wrote:

No, they've all been sold on to different firms.

If debts are sold on after you've entered an IVA, does that affect the IVA?
What I mean is, are there any chances that once an IVA is in place a company that has bought the debt can opt out and try and recover the full debt? Sorry if this is a silly question - but I need to know. Once in an IVA (if it's approved), is that it as far as I'm concerned, or is there any way that a creditor can opt out and try and recover the full debt?

no chance of that happening your iva debts are set in stone.