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Posted: Mon Sep 10, 2012 2:58 pm
by Shell.76
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?[:(]
Posted: Mon Sep 10, 2012 3:01 pm
by Foggy
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.
Posted: Mon Sep 10, 2012 3:05 pm
by Shell.76
thanks foggy i was a little worried that i would be having to start all over again.
Posted: Mon Sep 10, 2012 3:06 pm
by Niobe
It's nothing to worry about. None of my debts are with the original companies.
Posted: Mon Sep 10, 2012 3:10 pm
by Shell.76
thanks it just seemed very strange as my iva is finished in december and didnt realise they could sell a debt off so close to end of iva.
Posted: Mon Sep 10, 2012 3:18 pm
by suky424
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!
Posted: Mon Sep 10, 2012 3:24 pm
by Shell.76
thats what confused me because i thought if they was going to sell the debt on why wait till 3 months to the end of my iva finishing.
Posted: Mon Sep 10, 2012 3:32 pm
by Foggy
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.
Posted: Mon Sep 10, 2012 4:36 pm
by lem
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
Posted: Mon Sep 10, 2012 7:15 pm
by Shell.76
it sounds like the same letter that i got today then. thanks for all your advice x
Posted: Mon Sep 10, 2012 10:07 pm
by Chezza100
Hi
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 [:)]
Posted: Mon Sep 10, 2012 10:16 pm
by Janey
I've got the same letter but finished my iva in April. Obviously a job lot!
Posted: Mon Sep 10, 2012 10:33 pm
by kazzafunk
We got loads of them today - finished our IVA in March. Ready to be burnt at the weekend on the bonfire!!