There are no problems when a debt is sold on. Whoever buys it is bound by the IVA.
No creditor can opt out. It is legally binding on both sides.
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
you should be informed that the debt has been passed on, thats it ,no need to pass anything onto your ip, they will have been informed ,it will show up on your yearly statements from your ip.
Last edited by MRBLUESKY on Sat Apr 03, 2010 9:59 pm, edited 1 time in total.
You won't get any letters at all, other than ones informing you that your debt has been sold on. You can keep them or bin them.
You should get a statement once a year from your creditors which is nothing to worry about, they are obliged to send you one by law.
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
To Jan & Ronald in particular - Thanks for clearing the murky waters of this topic with your answers, I'm a lot clearer now and I doff my hat off to you pair of stalwart stars of this forum.
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
