What do I do about letters from the people I owe?
Letters may still come before the people you owe update their systems.
These letters are often automatically generated.
You can either:
- Keep them for your records or
- Dispose of them
There is no need to call them about these letters. They usually stop within three months.
The people you owe are required to send you statements at least once a year.
- You will still receive these
- They are not demands for payment
- This is perfectly normal
What is a 'Notice of Assignment'?
A ‘Notice of Assignment’ is a letter telling you a debt was sold on to a third party, like a debt collection agency.
The people you owe can still buy and sell any debts listed in your IVA, but:
- The person who buys the debt is still bound by the terms of your IVA
- They cannot take any action to recover the debt
Notice of Assignment’ letters are not demands for payment.
- They are sent to you for information only
- Send them to your IVA supervisor
- This keep their records updated, and
- Makes sure correspondence goes to the right people
What if I forgot about one of my debts?
Notify your IVA supervisor immediately if:
- You forgot to include a debt in your IVA proposal, or
- You just found out about a debt
Your IVA supervisor can advise you on what to do next.