Can a creditor sell my debt post IVA?

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1

dhiru

User avatar
Posts: 2
Joined: Thu Feb 13, 2020 1:10 pm

Post by dhiru » Thu Feb 13, 2020 1:10 pm
My IVA was successfully completed in March 2017. The IVA started in FeB 2012. Lloyds bank were included in the IVA. Lloyds bank sold my "debt" to a third party in July 2019 - is this allowed. There were no debts to be sold. Is this against the law - if yes what laws are they breaking. Thanks.

Foggy

User avatar
Forum Expert
Posts: 30301
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Feb 13, 2020 1:18 pm
Debts are often packaged up and sold in auction type lots ( similar to those warehouse return auctions you see). The buyers do not know what they are getting and it is a gamble on their part, but they are literally paying pennies in the pound and one good return will offset the other losses. It is, I am afraid, common practice and not illegal.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

dhiru

User avatar
Posts: 2
Joined: Thu Feb 13, 2020 1:10 pm

Post by dhiru » Thu Feb 13, 2020 2:09 pm
The reply by foggy is wrong. There were no debts to sell. That was the point of my post. NO DEBTS.
no debts to sell in my case. I repeat this was after my IVA was successfully completed.
People - kindly address the correct issue - no debts - how can lloyds Bank sell something that does not exist.

Bellevuejp

Posts: 8
Joined: Mon Mar 05, 2018 3:53 pm

Post by Bellevuejp » Thu Feb 13, 2020 2:22 pm
I actually find that the answers and advice foggy gives, as a forum expert, to be extremely accurate. I’m sure, if there’s a misunderstanding with the answer from your original post, foggy will correct it.

Foggy

User avatar
Forum Expert
Posts: 30301
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Feb 13, 2020 2:31 pm
My reply, as it stands, is correct. However, I do see the point that the OP is making. The debts have, indeed, been 'written off' by the successfulk conclusion of the IVA -- however, that does not mean they did not, or do not, exist. It means that they are ignored for the purposes of collection.

To answer the original questions specifically:

My IVA was successfully completed in March 2017. The IVA started in FeB 2012. Lloyds bank were included in the IVA. Lloyds bank sold my "debt" to a third party in July 2019 - is this allowed. Yes, it is allowed and is common practice.There were no debts to be sold. Is this against the law No, as far as I am aware, this is not against the law and has not been challenged before - if yes what laws are they breaking. None, as far as I am aware --- if you think they might be doing so, report to the authorities. Thanks.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”