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Posted: Mon Sep 17, 2007 9:12 am
by ds_
ive been in an IVA for just over a year, and am now recieving letters saying companies have bought my debt. Is this normal and how does this affect me?
Posted: Mon Sep 17, 2007 9:18 am
by Lisa2009
Its perfectly normal, they buy "bad debts" at a much lower price but dont worry this should not affect you in the slightest.
Posted: Mon Sep 17, 2007 9:23 am
by mikebdomain
Hi ds_ and welcome to the forum, it is cheaper for your debtors to sell the debt onto another company, as they do not have to deal with the administration of the debt. And they can release capital a lot quicker. And as Andy has said in a previous post on this subject
“I think it,s a positive move especially if you may one day propose a F+F as these third parties will have purchased the debt for approx 10p in the £.”
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Posted: Mon Sep 17, 2007 9:28 am
by iva experts
Hello ds,
As your are in an IVA you should not be directly affected buy your debts being sold. Your IVA is legally binding on both sides, so I believe your IVA should go ahead as normal.
Best Regards. IVA Experts