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Posted: Thu Dec 17, 2015 8:28 pm
by Hmc
Hi everyone. My IVA ONLY HAS 4 more payments yo completion and it's finished. I was puzzled the other day to get a letter from a company that had purchased one of the account in my IVA. Welcome finance £4000. The letter was not a demand for payment but merely a notification they bought the debt. What puzzles me is why a company would buy up accounts so close to the end of an IVA? Surely there's not much to gain or is there?
Posted: Thu Dec 17, 2015 9:05 pm
by lifenoteasy
It's a gamble - they probably bought the overall debt for pennies in the pound hoping it works out.
Posted: Thu Dec 17, 2015 9:18 pm
by plasticdaft
Companies buy up blocks of debts for pennies in the pound, some will involve debts currently in ivas. Some they win or some they dont, either way it makes no difference to the remainder of your iva.
Paul
Posted: Thu Dec 17, 2015 11:58 pm
by Hmc
Do creditors claim back tax etc when the IVA FINISHES?
Posted: Fri Dec 18, 2015 9:39 am
by Michael Peoples
Normally a creditor will write the debt off at the start and claim their reliefs. Any income subsequently received can then be declared and tax rather than waiting for five years and writing off the balance. Many IVAs fail and creditors get nothing so prudency says write it off at the beginning.
Posted: Mon Dec 21, 2015 5:14 am
by Helen.k
we've just had notification that Welcome finance have sold on our debt, 2 months after our final IVA payment was made! bit naughty on Welome's part I think?
Posted: Mon Dec 21, 2015 10:14 am
by Lisa Thomas
Or more the mug the creditor that bought the debt!