2 of my IVA debts sold off, with 3 months to go of my 5+1yr IVA to Max Recovery? Why?

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Chunky

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Post by Chunky » Sat Apr 22, 2017 2:47 pm
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Just received two debt transfer letters from 2 of my 3 debts that I have within an IVA, to Max Recovery Ltd, with only 3 months left into my 5 year IVA + 1 year extension. Both are the biggest of my debts held within my IVA, the 3rd being substantially lower and already itself sold off like some 3 years ago...

My question is....why? what would they (Natwest & but mostly...Max Recovery) get from selling / buying it so close to the finish line after nearly 6 long years?

I can't help but feel a little nervous with only 3 months to go, like I'm waiting for something else to go drastically wrong... :?
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Foggy

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Post by Foggy » Sat Apr 22, 2017 3:35 pm
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Debts are routinely sold off -- when and to whom depends on when the "lot" they are in is offered and bought. The firms that buy these don't know what the individual debts are, or that some are in debt solutions, but they pay pennies for them and take the chance ... if one or two debts in the bundle pay off then they have made their money. For the sellers, they wipe toxic debt from their books and don't have to spend money collecting dribs and drabs.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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kallis3

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Post by kallis3 » Sat Apr 22, 2017 3:47 pm
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Nothing to worry about - mine were all sold on. Never had a problem.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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moira717

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Post by moira717 » Sat Apr 22, 2017 7:00 pm
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Out of interest, if well into your via do you still have to notify iPhone of these debt transfers?
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kallis3

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Post by kallis3 » Sat Apr 22, 2017 7:35 pm
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I presume you mean IP :) ? Your IP will be aware of the change of ownership of the debts.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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moira717

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Post by moira717 » Sat Apr 22, 2017 7:51 pm
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:lol: yes mall is meant ip, really should check my messages before I hit send :lol: oh so iPhone is contacted first then, was bit unsure. Many thanks
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moira717

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Post by moira717 » Sat Apr 22, 2017 7:53 pm
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So sorry meant to read kallis and ip ! Have done it again!! :D
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kallis3

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Post by kallis3 » Sat Apr 22, 2017 7:55 pm
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:) You don't need to contact Apple at all. :)
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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moira717

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Post by moira717 » Sat Apr 22, 2017 7:58 pm
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:lol: :lol: Thank god I didn't ring them!! :lol:
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Lisa Thomas

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Post by Lisa Thomas » Mon Apr 24, 2017 8:30 am
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No the creditor should contact the IP to tel them the debt has been sold and details need to change.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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Oya

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Post by Oya » Mon Apr 24, 2017 8:05 pm
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kallis3 wrote:
:) You don't need to contact Apple at all. :)
Lol :)
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Oya

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Post by Oya » Mon Apr 24, 2017 8:07 pm
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I havle several of my debts already ben sold.. i didnt know whether i should Contact my İp.
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Foggy

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Post by Foggy » Tue Apr 25, 2017 8:04 am
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Oya wrote:
I havle several of my debts already ben sold.. i didnt know whether i should Contact my İp.
The creditors involved should contact the IP direct. But, to be sure, I would send a copy of any letters to the IP as well.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Oya

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Post by Oya » Fri Apr 28, 2017 10:09 pm
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Foggy wrote:
Oya wrote:
I havle several of my debts already ben sold.. i didnt know whether i should Contact my İp.
The creditors involved should contact the IP direct. But, to be sure, I would send a copy of any letters to the IP as well.
Thank you :)
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