www.iva.co.uk

I'm 4 months into my IVA and have found the forum invaluable for finding information. I have one question though - I understand creditors will probably ssell on my debts at some stsge. I'm with Lloyds, Capital One, Barclays and MBNA.

How do I find out if the debts are sold and who to?

Will my IP update me?

Hi and welcome to the forum, glad you're finding the forum invaluable, a lot of us agree.

Do be honest I don't know. I know I sometimes receive the odd statement through the post from Max Recovery to name one. One of the others will be able to answer I'm sure.

I had letters from Max Recovery telling me that they'd bought the debt.

You should get a statement yearly from your IP telling you who your creditors are and you should be able to find out from there whether or not they've been sold on.

We just got letters from the companies who bought the debt, I believe they paid around 10% for the debt, they will do quite nicely as we are in line to pay some 85%.

No one ever told me though if when they buy the debt they also buy any claims on the debt - PPI, bank charges ect - suppose it depends on the way it's assigned over - but even at 10p in the £ if they have to pay PPI and any other claims it might not be such a briliant investment.

You can ask your IP to provide you with a current list of creditors which will show those debts which may have been purchased. This does not alter the overall position, but I guess it is a good idea to be kept informed of this if the creditors themselves are not communicating same to their customers.