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Debt sold on in last 6 months of IVA
Posted: Sat Dec 05, 2020 3:27 pm
by SwIVA
Hi all
I'm in the last 6 months of my IVA which was with Aperture that got transferred to Jarvis earlier in the year.
But now my debt that was with Barclays loans has been sold to the PRA Group with only 6 months left in my IVA of 5 years I don't get the point of selling my debt at such a late stage ?
Is there something more sinister to this action where I'm going to get stiched up?
Re: Debt sold on in last 6 months of IVA
Posted: Sat Dec 05, 2020 3:35 pm
by kallis3
Debts do get sold on at various points during your IVA. Nothing to worry about as they are bound by the IVA and can do nothing.
Re: Debt sold on in last 6 months of IVA
Posted: Sat Dec 05, 2020 3:44 pm
by Foggy
'Bad' debts often get sold on as 'job lots' auction style (think of those ebay warehouse pallet returns) and the buyers pay pennies for them. It will have no impact on you regarding the IVA .... but do keep an eye on your defaults, as sometimes the new owner will register a default with the wrong date.
Re: Debt sold on in last 6 months of IVA
Posted: Sun Dec 06, 2020 9:45 pm
by SwIVA
I've not defaulted never missed a payment so far.. thankfully
Just thought it was really odd, I guess you must be right with the bulk buying of debt.
I hope I don't make it worth their while anyway !!
Re: Debt sold on in last 6 months of IVA
Posted: Mon Dec 07, 2020 8:08 am
by Foggy
Sun Dec 06, 2020 9:45 pmSwIVA wrote:
I've not defaulted never missed a payment so far.. thankfully
Just thought it was really odd, I guess you must be right with the bulk buying of debt.
I hope I don't make it worth their while anyway !!
Entering the IVA itself constitutes a default and many creditors register these on your credit files as well.