i have received a letter from hsbc today saying they have sold my debt onto someone else. what does this mean as i have been in an iva for nearly 5 years i have 3 more payments left!!! does this mean that i will get letters of this new company?[:(]
Creditors often sell on debts -- they will still be bound by the IVA and you needn't worry.
There is a slim chance they might write to you ( they often buy bulk "lots" of debt and might not know it's in an IVA ) but pass this letter on to your IP, and any you might get from the new creditor, and he will deal with it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Most of my debt has been sold on as well, I got confused at the start with the letters but it's nothing to worry about. In fact one of the companies that bought two of my debts writes to me every year with a statement ... it's nice to see that the debt is being paid even if it's only in amounts of less than £5.00 each time!
As I say, they often sell debts off in "lots" ( for pence in the pound), commercially, they might appear to be making a loss, but they write that off with other losses and the end result is that their books look a lot better with less toxic debt showing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would agree with them selling debts off in lots as i have had the very same letter today along with a letter from eversheds in the same envelope who have bought the debt but advised its not a payment demand, I've just binned it
I got the same letter this morning, called my IP and they said they had lots of queries about it. They think something has happened at HSBC with so many people receiving letters at the same time.
I was worried because I made my last payment in August but I won't worry now [:)]