Is legal for my IVA company to be able to buy any of my debts from original creditors ?

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moshi1

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Post by moshi1 » Wed Oct 31, 2012 5:56 pm
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Hi a quick question . Is legal for my iva company to be able to buy any of my debts from original creditors ???
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lem

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Post by lem » Wed Oct 31, 2012 6:00 pm
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IVA companies don't buy debts, that's not within their remit
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moshi1

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Post by moshi1 » Wed Oct 31, 2012 6:05 pm
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Thats what i thought . Ty for reply
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Niobe

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Post by Niobe » Wed Oct 31, 2012 6:12 pm
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GT do own debts as well as being an IP company as they will frequently vote in their own clients IVA applications.
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moshi1

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Post by moshi1 » Wed Oct 31, 2012 6:16 pm
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Ty niobe guess thats what my iva company do too .
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Foggy

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Post by Foggy » Wed Oct 31, 2012 7:21 pm
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GT is a large company with many facets, which all operate independantly. They represent creditors as well as debtors, they also operate their own debt collection services, as well as accountancy.

There are chinese walls between these different businesses and no conflict of interest, being very heavily regulated.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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moshi1

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Post by moshi1 » Wed Oct 31, 2012 7:47 pm
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Thanks all its amazing what you learn from this place ..
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MelanieGiles

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Post by MelanieGiles » Thu Nov 01, 2012 11:56 pm
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GT don't buy the debts - they merely act as collection agents for some of the creditors.
Regards, Melanie Giles, Insolvency Practitioner
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Niobe

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Post by Niobe » Fri Nov 02, 2012 7:56 am
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Sorry Mel, I thought they owned the debts as well.
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