www.iva.co.uk

Hi, we have just been informed that one of debts from a bank we have in our IVA as sold on are debt to another firm called eversheds, I just wondered does this now mean the firm who have are debt now will have the same vote/powers on our iva case as the bank did and also are these firms likely to accept full and final offers or will they just say no to any offer to ensure they get the most out of the debt they have bought, any help on this would be great. thanks

Hi. They are bound under the same terms as the original creditor.

They will be just as receptive to offers as their exposure to the debt is at a much lower level ( they would have paid a lot less than the actual debt is worth ).

As Foggy says - nothing will change. A lot of our debts were sold on to Eversheds before we offered a full and final and all creditors agreed the lower dividend.

The debt purchaser acquires all of the rights of the original creditor - and regardless of what they paid for the debt they are entitled to vote for the full amount and recieve dividends on tne same sum as the original lender.

None of my debts are owned by the original creditors and you may find that as they paid peanuts for the debts that an offer of full and final will be more than acceptable to them.

just out of curiosity, if a debt is sold to Eversheds, and the letter from the original creditor states it has assigned all its respective rights,title & interest in the account, then what would happen if a PPi claim was made against the original creditor.....would they no longer have the right of set off for that debt?

Current legal opinion would say no

Hi niallj and dawnyosr - hopefully as well as the useful asnwers you are getting here your own IPs can clarify some of this for you when you chat to them. Do contact them if you need your mind putting at rest - that is partly what they are there for as part of the process.

hy most of our debts were sold to eversheds

hi we had a letter with two pages yesterday,
one page was from TSB saying they had sold our debts on
to eversheds, and the other page was from everheads to say they had bought our debts in august, and there was no need to contact them as they will deal with GT.
The thing is we received our completion cert on the 14th of Sept. So we are just going to ignore there claim.
Joan

If your case has been closed Joanlaw, this is completely irrelevant.