Debt Sold (Credit Card) - No communication from collectors?

hvs0801

Good morning,

I'm in the process of trying to get on top of my debts with the current one on a credit card which was taken out with Virgin Money. They had sent me payment reminders with the last one on 26/04 (I know I shouldn't have ignored it but life...). I attempted to get in to the app to check the balance in order to pay but was unable to. After multiple attempts of trying to make contact with them to find out the outstanding balance to confirm how much is needed to be paid to clear the outstanding balance (I have their details to be able to do so), I ended up raising a complaint which ended up with them informing me the debt has been sold and will now have to be dealt with them. 

That would be fine however they omitted the name of the company they have sold it to and I have not received any communications from them whatsoever. 

Due to how tedious it was to contact Virgin Money to get this outcome is there any other way to find out where the debt currently lies in order to avoid further action being taken?

(Apologies if a common question but I couldn't find it through the site, or even broader searches).

Thank you in advance.

Rob5342

It will show up on your credit report at some point but might take a while. The new company should also write to you at some point, they will contact you multiple times before they take any other action.

How many debts do you have and how much money do you have to pay to them? 

stu12345_2

if the debt was sold and not just collected by another party, then you should have got a letter of assignment from virgin to say the debt is now assigned on such and such a date to such and such company 

and vice versa from the new owner to say the debt was assigned to them on such and such a date

no real action can be taken by the new owner immediately, and as many folk say a letter before action is all that you respond to 

I would wait for contact from the new owner, especially if it has just been recently assigned to them, it will come via postman


the new owner will probably write as we own it now, please contact us to discuss payment arrangements of this debt

Grumpelstiltskin

Don't worry as the others have said someone will be in touch eventually until then just let it lie.

hvs0801

Rob5342 said:

It will show up on your credit report at some point but might take a while. The new company should also write to you at some point, they will contact you multiple times before they take any other action.

How many debts do you have and how much money do you have to pay to them? 

I have three more (overdraft with Natwest, and Monzo, and a Credit Card with Natwest). I'm fortunate enough to have a family member willing to pay off at least the "nastiest" ones while looking at whether setting up payment plans with the others, if doable due to my situation.

Rob5342

hvs0801 said:

Rob5342 said:

It will show up on your credit report at some point but might take a while. The new company should also write to you at some point, they will contact you multiple times before they take any other action.

How many debts do you have and how much money do you have to pay to them? 

I have three more (overdraft with Natwest, and Monzo, and a Credit Card with Natwest). I'm fortunate enough to have a family member willing to pay off at least the "nastiest" ones while looking at whether setting up payment plans with the others, if doable due to my situation.

If it has been sold then don't pay off the full amount, they might be willing to accept a reduced settlement offer.

Before paying anything off I'd suggest posting an SOA so people can advise on the whole situation. It can seem like a good idea to get some cleared quickly, but sometimes there are different approaches that work out better overall long term.

fatbelly

Debts are not sold individually. They are bundled hundreds or thousands together and sold to the highest bidder. Obviously this takes time

Virgin will know your debt is in a bundle but willbnot know where it is going.

Gives you plenty of time to save a lump sum to offer the eventual new owner