This is my first post here, so apologies if this subject has been covered before.[:)]
Basically, I am due to finish my IVA in November 2012. Just before Christmas last year, a personal injuries claim was successful (I was physically assaulted in June 2008, resulting in sustaining a fractured vertebra in my spine). I am now in the process of trying to settle my IVA from my compensation money.
However, since January this year, my IVA company (Freeman Jones) have been trying to establish a final settlement figure from the Woolwich Building Society. First of all, FJ were giving them until the end of February to provide a figure, but then extended this to the end of April. On speaking to a Relationship Manager at FJ last week, I was informed that the contact person at the Woolwich says they have no record of me or my loan and have wondered if I sold it to someone else. (I had no idea I could sell a loan, let alone do it!). When the rep from Freeman Jones came to see me back in 2007, I passed all my debt paperwork over to him, including the loan from the Woolwich.
I can't understand why this should be the case now. Can I do anything myself to find out what's happened with the Woolwich? FJ have received final figures from my other creditors, but haven't said I can pay them off in the meantime. They want to hold out for the Woolwich to try and 'find' me before having the final settlement meeting. What happens if the Woolwich can't trace my loan with them? I've had money allocated to pay them over the past four and a half years, so wonder what's happened to that?
Sorry to write such a rambling post, but I'm anxious to clear my IVA as soon as possible.
First of all what a silly comment from Woolwich! You are quite correct in that you cannot sell on a debt - only the owner of that debt can sell it to another party.
Your IP should be giving the Woolwich a final date for proving their claim, and if they fail to do so they will be left out of the dividend and they cannot come back to you at any stage in the future. Whilst I can see that your IP firm is doing its best to get this creditor paid, they may well have to draw a line under it sooner rather than later - if Woolwich's records are not up to scratch, having been presented with a copy of their own paperwork which was used at the outset of the IVA, then I would say it is hard lines on them - but your IP does need to make sure the proper process is followed.
Hello all, and many thanks for your advice. I have spoken to my Relationship Manager again today who has confirmed that the Woolwich debt is now a 'Deleted debt' and has been removed from my IVA! This is a great result for me as it was my biggest debt at £18,000.00!
I now have to wait for the variation meeting to go ahead, but details of that will be sent out soon. It seems to be dragging on, but at least I'm free of the Woolwich! Their loss!
yeah i have noticed alot of creditors have lost past closed accounts, this has been bought to my attention trying to clean up my credit files, i have the three files at hand and some debt are sold onto max recovery and has become deleted from original owners of the debt, which is a good thing, i think this is down to administration, so i totally understand the woolwich not finding your info........can only be good news, it means after your credit file is clean you can go back to them.....silly woolwich
time is always the answer, stay focus and you will reach the end all in good time