Was it an egg card or loan?

These debts can be sold on but it's nothing to worry about

Paul

Thanks plastic daft, it could have been egg as it I did have a cc with them and egg is listed on the credit report as satisfied. it's been almost two years and I have not thought about any of these companies so I'm struggling to remember but I thought I had either cleared this one or egg was bought out by another company and that's how I eded up with 2 barclaycards.

The thing is when I finally went onto my PTD all my payments were being met as I was phobic about not being late (as I was really keen that I was going to pay everything then save a deposit for a mortgage - for a long long time I really believed this was achievable!!!) in reality I was robbing peter to pay Paul and digging a deeper hole every month.

Anyway my point is, if these 5 big names are all listed on my PTD can they still opt to sell on the debt? It seems they have anyway, so what's in it for these new guys because they certainly have not as yet come after me?

The debts are sold in batches for pennies in the pound, some worth chasing, others like yours unchasable as its included in the trust deed. They will get whatever your td pays out.

Paul

Thanks plastic daft

They won't be chasing me then? So when I get to the finish line next year, at some point they should mark up the credit record along the lines of satisfied around the date of my trust deed becoming protected?

The ramifications of debt just seem to through up all sorts of quirks!

Hi downandout.

If they do chase you it will only be because they're unaware of the trust deed.

Their responsibilities to update your credit record when you're discharged are the same as it would have been for the original lender.

Hi TDA,
So am I getting this right - can the company who buys the debt from your creditor then try to, for example, arrest your wages because they are unaware of your TD? Still thinking of the worst case scenarios!

Thanks.

Hi herewego

No, they will rank like any other creditor and have no rights to pursue for the debt.

Mark

Hi, Pco Holdco Sarl c/o Watch Portfolio Management also show on my credit file and I have never heard of them either but I think it may be in relation to my Halifax overdraft. Do you have any debts with Halifax?

Yes, I think it is them actually.

I wonder what is it in for them to buy this debt. Either

Halifax sold it to them for less than they would get from my TD at the end and so Watch management make a profit when TD pays out next year (which makes Halifax as bad as me when it comes to looking after their money)

Or

Halifax sold it to them without mentioning my TD which is surely very naughty cos I didn't default until my TD was being put in place

Or

Watch new and bought it anyway and are coming to get me (I don't fancy this one)

I just can't fathom this one out!

They're buying debt in massive chunks downandout.

They'll understand that some of each big batch might be subject to personal insolvency proceedings and they'll have factored this into what they pay.

For the seller it means they definitely get some money now rather than possibly getting some money later. It also means they don't have the administrative expense of looking after it any longer.

If you complete your trust deed and get discharged they cannot come after you. The debt will no longer exist.

Ah thank you, I understand now! No if about it, will complete the TD!

I am just finishing my TD and waiting on the discharge paperwork coming through.

I have checked noodle, and it looks like all my creditors have marked my accounts as in default for the last three years, every month. From what I understand should they have stopped doing this when my TD became protected three years ago?

If this is the case, can I get the creditors to remove these from my record for the last three years? - or must they remain there for the next 6 years from now?

Im a bit gutted if that is the case, as it may now be another 6 years before I can see about a mortgage etc :o(

Hi amc79.

As I understand it the accounts will have been in default during your trust deed, so that reporting doesn't seem unfair.

Upon discharge the balances should be marked to zero. Thus they cannot any longer be reported to be in default.

It's "default notices" that shouldn't be issued after the trust deed began, or if they were should be backdated to around the date the trust deed began.

They should be marked satisfied or partially satisfied upon discharge and therefore drop off your credit record around the same time your trust deed does.