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Scottish Trust Deed Forum
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Topic starter
07/04/2014 4:34 pm
I am 9 months into my TD and today I receive a letter from my credit card company to say they have sold my debt to a third party. Is this normal practice? It seems strange that this would happen after things are agreed and protected. Will the third party have recourse to more of a dividend at the end. This seems peculiar.
07/04/2014 4:36 pm
Hi Black Night.
This is actually very common, though it often takes people by surprise.
The company selling the debt has decided to take some money now rather than waiting for a dividend from your trust deed.
The company buying the debt is hoping that your trust deed will return more to them than they paid for the debt.
The purchaser has no rights that the original lender did not.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
07/04/2014 10:16 pm
This happens a lot and at various stages of the trust deed. As TDA says, it has no effect on you or the trust deed as the company effectively step into the shoes of the previous creditor.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
08/04/2014 8:23 am
Hi Black Night,
Receiving a letter like you have can sometimes be a little worrying for people.
As TDA and Mark have said it's nothing to worry about and something that's quite common in the debt market.
I'm sure that the credit card company or the debt purchaser will have contacted your Trustee but in case they haven't, send your Trustee the letter for them to deal with.
How have you found the first 9 months of being in your Trust Deed?
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
09/04/2014 6:34 pm
Thanks for the reassurances guys. It just seems bonkers at first glance but I get the cash now rather than three years.
David the Trust Deed has been a godsend to be honest and the first 9 months have flown by. I spent literally years juggling debt but after a redundancy something had to give. I would urge people that are struggling to take action sooner rather than later and not wait till their hands are forced.
