Debt has been sold on

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ed622

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Post by ed622 » Mon Jan 28, 2019 12:52 pm
One of my creditors has sold the debt on, when the Iva is settled can the new creditor demand further payments

MerlinL14

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Post by MerlinL14 » Mon Jan 28, 2019 1:13 pm
No, don't worry. If the original debt was included in your initial proposal then doesn't matter who 'buys' the debt as you are still covered under the IVA. Happens all the time adn isn't anything to be concerned with.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

kallis3

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Post by kallis3 » Mon Jan 28, 2019 1:18 pm
Agree with Merlin - doesn't matter who bought it (most debts are sold on) you are covered.
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.
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Ryan

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Post by Ryan » Mon Jan 28, 2019 1:36 pm
Debts are normally sold on 'in bulk' so as has already been said this happens quite a lot.


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Foggy

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Post by Foggy » Mon Jan 28, 2019 2:23 pm
The purchaser might not be aware that the debt is included in the IVA so may contact you -- all you need do is to show them a copy of the paperwork and / or refer them to your IP. As has been said by the others, they are bound by the IVA as if they were the original creditor
My opinions are merely that .. opinions based on experience. Always seek professional advice.
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magicsam

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Post by magicsam » Mon Jan 28, 2019 4:43 pm
I would recommend people keep an eye on their credit file though as I had an old account reappear on my credit file which was included in my IVA and had dropped off after the six year anniversary. I assume it was a debt collection agency who put it there just marked as overdue hoping that I would pay the balance to get rid of it, I complained and had it removed but it's something to watch out for with these debts changing hands.
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