Debt has been sold on

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ed622
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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
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MerlinL14
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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.
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kallis3
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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.
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Ryan
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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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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
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magicsam
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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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