Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

Moderators: TalbotWoods, JaneClack

By kiltedscot
#52677 As you may know I started a trust deed beginig dec 05, it is protected and i thought i understood it..

now one of my creds sends me a letter , and say a copy to trustee, saying they have sold my debt to "max recovery".

I dont get this , why when in a trust deed, sell it to a recovery agency, and i thought they could not write to me.

Who are max recovery , are they a bunch of vultures.

i thought all this stress was starting togo.

argghhh.
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By TalbotWoods
#52682 This also happens a lot in bankruptcy, the original creditor writes off the debt from their accounts and allows a debt buying company (yes scavengers) to buy the debt.

Max buy very large numbers ( hey have 6 of mine), and hope that they can make a fortune. In an IVA they know how much they will make from you but in bankruptcy they take a gamble that there will be an IPA going into palce, so they can get some return!

Basically its nothing to worry about your trustee will deal with it ,you will not notice anything different, other tha you paymnets that were going to crditor now go to Max

Tim
By GR
#52702 As TW says, it's nowt to worry about. The creditor had 5 weeks to object to the terms of the TD - they didn't, so you will not be liable for the debt irrespective of who has ownership.
By peter pollock
#66647 hI

TAKE THE LETTER TO THE IP/TRUSTEE AND THEY WILL TAKE CARE OF IT FOR YOU

PETER
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By TalbotWoods
#66649 Peter

THis was answered two months ago!!

Check the dates on the last postings!!, and pleaseee turn your cap key off!!

Tim