Selling our debt!

dethbidonut

Hi, could someone give a little advice on something - We went BR in July and things have been going pretty well (thanks to some advice from the nice people on this forum and perhaps an extra hole in the belt!) Anyway, about two months ago one of our creditors contacted me and enquired on the account. I told her we had been declared bankrupt and gave the details. (I sort of assumed the OR would get in touch with creditors but not sure)

A few weeks later we received a letter from a company i'd not heard of saying that they have taken over the debt from one of our creditors and that payments would continue etc.

Is this a case of the creditor selling on bad debt? They certainly did this sale after our BR date which is a bit cheeky on the new company? What steps should i take, should i send to OR? - could this have long termeffect our credit rating in some way?

Sorry for all the questions...:o

X

fermi

Just pass on any letters to the OR.

They may have bought the debt, or may just be acting for the current creditor.

Either way, not your problem for now.

Regards your credit file, it shouldn't change anything in any meaningful way. You wait until you are discharged and then check and clean up your file using the info in the main sticky.

If any company that has bought a debt has changed the credit file entry into their name, then they then take over the duty to correct dates and mark it as settled.

Ineedaname

This seems to be happening a lot and, as a lot of the DCAs are linked to the finance companies (banks) they buy the debt from I'm wondering if it's not an admin exercise.

For instance, the bank sells the debt on and receives a percentage for doing so. They are happy because they have recouped some of their losses.

The DCA aren't worried that it is a BR debt because at the prices they buy debt in and the collection rate they are making a killing anyway. So it's a loss they can cover. They don't feel hard done by because they are part of the bank they have bought the debt from anyway, so in the end it all goes in the same pot...

Just a thought.

dojoman

This has always gone on, and will continue to do so, unless the so called authorities act to stamp it out. This happened to me and it is 2 years since I went BR.