Debt transfer before creditors meeting!

tasha999

Hi, I have my creditors meeting next week and have received a letter from NRAm today stating that they have sold my debt to another company. The letter is dated a week after my proposal was sent out. Does this have any effect on the creditors decision or on the meeting is held. The official date of transfer is same date that the meeting is being held! Getting a little worried now

UpToMyNeckInIt

The selling of debts to companies such as 'Max Recovery' and the like is commonplace, but this is the first time I have heard it happen before the IVA is approved!!!

Speak to your IP - they know your circumstances, but I wouldn't worry too much: From what I hear of NRAM, they are one of the more obtuse creditors over IVA's, in terms of imposing onerous conditions etc. - you are perhaps best rid of them.

Let us know how it all goes.

FiatFan_2

I wouldn't worry about it, at this stage in the process your IP will be able to sort out the paper work between the creditors. IIRC most of mine were sold to Max Recovery before the creditors meeting which in some respects may have made it easier as it means fewer votes are required.

Fingers crossed for next week

tasha999

Thanks I spoke to my ip, who doesn't seem concerned. Made me feel a little better. Will let you know.

CKhalvashi

The same amount will still be owned by someone, so I don't see an issue with this.

This will be a commercial decision for the lender to sell, and a commercial decision for the DCA to buy, so it's completely out of your hands.

CK

tasha999

It's not an issue, I just wondered if it would make any difference to the outcome and if anyone has any experience if this. We are proposing a lump sum IVA.