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Topic starter
19/01/2011 1:04 pm
Hi,
Shortly after signing my trust deed, I received a couple of letters informing me that two of my creditors had sold off the debts I owed, and thse were now owned by a third-party company.
Presumably, the creditors did this to ensure they got some money back straight away, rather than waiting for a dividend to be paid at the end of the Trust Deed. I'm quite comfortable with that side of things.
What concerns me slightly however, is what might happen after I've been discharged and am trying to clean up my credit report. I won't be checking my credit report until I'm fully discharged, but in the event that these debts are still shown as "unsettled" - who should I take that up with in the first instance? The original creditor, or the third-party company that bought up the debt?
Any advice or comments would be appreciated!
19/01/2011 2:24 pm
Hi imcville.
Selling debts once a trust deed is up and running is very common. You're absolutely correct, the lender can make some recovery at that point and have no further expense involved in managing the account.
I'm not 100% sure of the answer to your question (the usual caveat - we're just not experts on credit ratings or credit records) but I have been trying to think it through.
A "default notice" would have to be issued by the original lender, it's one of the steps that they have to take prior to selling a debt. If they've issued it my guess would be that they would be responsible for amending it, though it's possible that this responsibility transfers along with the debt itself.
In terms of the balances themselves I would have thought that the amendment would have to come from the debt purchaser, as they would be the only people to know what the balance due would be at that time.
With a bit of luck another visitor, member or expert will be able to provide a more certain answer based upon their experience.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
19/01/2011 3:45 pm
Hi imcille
Like TDA I'm not sure, although my own opinion would be that you would need to contact the debt purchaser.
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
20/01/2011 9:52 am
Hi, I too have a debt that was sold off to a third party during the time that my trust deed was being set up. I am a bit concerned that after my trust deed ends that they will pursue me for more money. Can they do this or after the trust deed ends and dividends are paid or will that be the end of it?
Thank you
20/01/2011 9:55 am
Hi Newbie65.
Please don't worry about this, the debt will not exist when you have completed your trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
20/01/2011 9:58 am
Hi TDA
Thank you for your quick response.
It's another wee weight off my mind to know that I need not worry about this.
Thanks x
21/01/2011 1:44 pm
Hi, I completed a TD back in 2009 and 3 of my creditors sold off my debt. I had no problems getting in contact with the new creditors all their details were on my credit file with Experian (I recommend using this as they seem to have the most info on and the most up to date). I simply wrote one letter to each company and my credit report stated settled in 28 days, most creditors updated without me even requesting.
Topic starter
21/01/2011 2:05 pm
Encouraging to hear that blacklily - hopefully it will be a similar story for me.
Thanks to all for their comments!
