Debt sold on in last 6 months of IVA

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SwIVA

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Post by SwIVA » Sat Dec 05, 2020 3:27 pm
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?

kallis3

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Post by kallis3 » Sat Dec 05, 2020 3:35 pm
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.
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

Foggy

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Post by Foggy » Sat Dec 05, 2020 3:44 pm
'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.
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

SwIVA

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Joined: Sat Dec 05, 2020 3:20 pm

Post by SwIVA » Sun Dec 06, 2020 9:45 pm
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 !!

Foggy

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Post by Foggy » Mon Dec 07, 2020 8:08 am
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.
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
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