Bankruptcy Credit Reference File Clean Up - Discussion

Neyo

Neyo wrote: »

Quick question

Say once the creditors that were listed in the Bankruptcy mark your credit file with the correct default date and then mark the accounts settled
( once you are discharged ) can they still sell the debts on to say Max recovery?

And can Max recovery ( Eversheds) sell the debt on even if they have marked the accounts with correct default date and marked as settled or satisfied?

Anyone with how this works? can settled debts marked on you file still be sold on

fiveyearplan wrote: »

I think they do try to sell off the debt but I don't think they are supposed to but I have heard it happen before. Nevertheless, it is no longer your debt and you do not need to pay it - in fact it is in the terms of your bankruptcy agreement that you do not pay it. They may try to tell you that you have a moral obligation blah blah blah. You are covered by law though so if it happens quote them your br number and don't enter any more conversation with them.

Hello

" Example "

Say if you had a debt with say Lloyds TSB you tell Lloyds your bankrupt they default the account date of bankruptcy.

You become discharged you tell Lloyds you are discharged Lloyds then marks the account settled on your credit file.

Now can Lloyds at a later date sell the debt on even that they have marked the account as settled on your credit file? to companys like Max Recovery or whoever they wish.

I have not seen any info if the above ever happens what do you do then........ is it a case chasing and getting the new owners to mark the account correct all over again.

Or is it that once a account is marked settled/satisfied on your credit file it can't be sold on? I would like to hear what you think regarding this as when our files are all fixed ..... Say we later go back and check them at a later date and find there in a mess as the accounts have been sold on? having been marked settled/satisfied

I hope " Fermi " can give some thoughts regarding this please

fermi

As far as I know they can still sell the debt on.

But what they are selling is effectively the right to receive any payout by the OR/trustee from your estate, rather than the right to pursue you directly for the debt.

That is how companies like Max Recovery make their money. They pay a minuscule amount for each account, but because that is so low even an occasional payout by the OR can result in a profit to them on average. Strange business, but that is the way it seems to work.

How your credit file is marked should reflect the new ownership of the debt to be technically correct, but should still be marked satisfied since your liability for it has been settled. Your credit file is after all about you.

Neyo

Thank's Fermi

It's been very hard to sort my files out



A big thank you to Fermi for this thread and to everyone's help

Nomoredebtnow

Yes me too n hate Callcredit.

punto_chris

I have a problem, I've been discharged for 16 months now and all my old debters are not showing as satisfied. I've seen the sticky about contacting the data collector for each debter but the problem is I've managed to loose all references to my account numbers with them.

How can I find out what they are? I don't want to ring their customer services to get told as the account is closed they can't give me the information?!

fermi

punto_chris wrote: »

How can I find out what they are? I don't want to ring their customer services to get told as the account is closed they can't give me the information?!

Your old OR should still have records of all the account numbers. You can ask them.

philnicandamy

fermi wrote: »

Your old OR should still have records of all the account numbers. You can ask them.

My OR refused to give me any information....got what I needed in the end from the court

punto_chris

fermi wrote: »

Your old OR should still have records of all the account numbers. You can ask them.

Really? I need to find their number then.

philnicandamy

http://www.insolvency-service.co.uk/officemap.htm

punto_chris

punto_chris wrote: »

Really? I need to find their number then.

Just phoned them and thankfully they can give me the details however I will need to write to them and request them, she couldn't give them to me over the phone. Which is good.