Creditor Sold My Debt

ste8765

Hi everyone,

I’m looking for some advice. I was in an Individual Voluntary Arrangement (IVA) when I found out that Livelend sold my debt to another company. This really surprised me because I thought that once you’re in an IVA, creditors aren’t supposed to take further action like selling the debt on.

Has anyone else had this happen while they were in an IVA? Is it even allowed for a company to sell your debt during the agreement? I’ve completed my IVA now, but I’m worried this might cause issues or confusion with the new company or affect my credit report.

Any advice or shared experiences would really help. Thanks in advance!

fatbelly

This often happens in insolvency. Specialist firms buy the debts in the hope that the insolvency product fails.

That's why I say that when an IVA fails, as half of them do, just sit back and see who comes out of the woodwork, as they will not be the creditors you expect.

At least this lot let you know what was happening

ste8765

My Iva didn’t fail by the way .

finished on the 31st of December.

fatbelly

That's fine. Only half of them do. 

In your case the new company made a loss. 

No one is going to feel sorry for them

ste8765

Trouble is they have made a new account on my credit file.