What happens if I decide to ignore my debt?

J

justintime

Guest
Hello,

I owe about 15k in debt (loan and credit card.) I cannot afford to pay it back. It is really bothering me (I worry about it everyday.)

If I move house and change my name to it's Irish equivalent (something I am considering doing for personal reasons), and decide to ignore my debt, what will happen?

They surely won't be able to track me down...
I'll have a new ICB file under my new name...

Will they just give up and write off the debt?

Any opinions appreciated.

PS I don't give a sh*t about banks, so please don't say I should pay off the debt because it's the "right thing to do"!
 
Hi Justin - OK then, I won't say that you should pay off the debt because it's the right thing to do. I will say that you should pay off the debt because you are ripping off other bank customers and bank shareholders (which includes pretty much anyone who has a pension) by expecting them to pick up your tab.

But to get back to your main question, I reckon you'll have to try just a little harder than that to avoid the ICB. Do you plan on opening new bank account(s) or ever borrowing money under your new name? If so, what documentation will you be offering to open these accounts? What PPS number will you be offering?
 
You will not be able to open a bank account and no credit cards and nearly everything else will be affected with your credit history. What about getting in contact with your creditors and explaining the position to them and also make out a budget. Write to the creditors and make an offer to pay them all at 10% of the total that is outstanding. Make sure and explain that you cannot pay anymore and if they refuse the offer then they will have to take you to court and the court will decide what you should pay. If your income is very little then they cannot get blood out of stone. When you make the offer to the creditors make sure and say that the payment will be in full and final settlement so they will not be able to come back to you at a later date.



Best of luck
 
RainyDay said:
What PPS number will you be offering?
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A bank has no right to ask you what your pps number is. Only a restricted list of people may legally ask you for it.

A person can obtain a new passport and a utlity bill in a new name with no reference to the old name whatsoever. Banks cannot demand birth certs etc.
 
justintime said:
PS I don't give a sh*t about banks, so please don't say I should pay off the debt because it's the "right thing to do"!
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Given that many people (possibly including yourself) have direct or indirect investments in bank shares (e.g. through their pensions or general investments) this is a fairly shortsighted and selfish attitude. If you do attempt to abandon your debt then I, for one, certainly hope that they track you down and push for full settlement - through the courts if necessary. If you want to do something a bit more prudent on this front then see the key topics threads pinned at the top of this forum for lots of useful advice and resources about dealing with debt.
 
I think you should pay off the debt because it's the right thing to do.

:D
 
I phoned a number in response to an advert from FAS. This person took my details ( he was not at a FAS office) and it was a mobile phone. He rang me back later and asked for my PPS number. I told him I would not give this information over the telephone as I did not know who I was speaking to. He was really annoyed and said the these PPS numbers can easily be got so did'nt see why I would not let him have the number. I told him to go and find it then if it was that easy.! Needless to say I got no job.

In response to the person who wants to default on their debt. Yes you can change your name. People do it all the time for all sorts of reasons. The younger you are the easier it is to do. When you get to a certain age you have to think about pensions etc.

Is this not why People go to the sea fold up their clothes and leave them behind and are never seen again!! Some people cannot cope with debt, being harrassed every day by phone calls from debt collectors. Credit is far too easily available and every time I go to check my accounts I find pre approved
this and pre approved that. If I took advantage of it all then I would have to disappear.
 
In response to the person who wants to default on their debt. Yes you can change your name. People do it all the time for all sorts of reasons. The younger you are the easier it is to do. When you get to a certain age you have to think about pensions etc.
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I agree there. I changed my name a few years ago and it is difficult if you have qualifications/papers in your old name. The passport office recommends that you put your old name on your new name passport, I have no idea if many bother to do so.
 
Chamar said:
I think you should pay off the debt because it's the right thing to do.

:D
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I think you should pay off the debt because if you don't, you'll regret it one day...
:D
 
i'd pay it back if i were you, even if you can only manage small amounts at a time. don't ignore it. you borrowed it, you spent it, you owe it.

Alex.
 
bond-007 said:
A bank has no right to ask you what your pps number is. Only a restricted list of people may legally ask you for it.
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Under money laundering regulations, I believe that you must provide a PPS number to a bank when opening an account.
 
Joe1234 said:
Under money laundering regulations, I believe that you must provide a PPS number to a bank when opening an account.
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Nope, I have opened serveral bank accounts including one recently. No PPS number was asked for nor given.

The only times they need it would be to do with pensions and SSIAs.
 
Indeed - individuals are not obliged to supply a PPSN when opening most types of account. See for the sort of information that is required. I think that a PPSN was required to open an SSIA but I could be wrong. If so then this was more of an exception than the rule.
 
I think that a PPSN was required to open an SSIA but I could be wrong. If so then this was more of an exception than the rule.
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It was required to make sure that a person only opened 1 SSIA.
 
You can't simply ignore your debt as it will haunt you for the rest of your life. You can choose not to pay it, change your name, move countries but you can never ignore your debt. It will keep bothering you. Then you will get caught anyway and all this will have been in vain.

Banks will not just give up and write off the 15K like that, don't count on it. They will find you first, and that is not a difficult thing to do. Or perhaps someone you know will turn you in. Stranger things have happened.

Why not do the right thing now: admit that you can't afford to pay it back now, seek help from Money Advice and Budgeting Service (www.mabs.ie) who will give you proper guidance to get out of that situation and can even do a lot of the work for you?
 
Banks will not just give up and write off the 15K like that, don't count on it.
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I heard of a case of €20000 being owed to a big bank here and the whole thing just suddenly went quiet and several years later the matter is still quiet.
 
From what I recall of the case, the bank had obtained a judgement on it and had an installement order out. They then threatened the debtors with imprisonment and the debtors polietly told them that they had nothing they could offer and the whole thing went quiet. This was serveral years ago. Still quiet to this day.
 
i guess it would be hard to get cash out of someone who doesn't have it. the courts would have the same attitude i think.

Alex.
 
ClubMan said:
Indeed - individuals are not obliged to supply a PPSN when opening most types of account. See for the sort of information that is required. I think that a PPSN was required to open an SSIA but I could be wrong. If so then this was more of an exception than the rule.
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PPS no. was required to open an SSIA- this was to establish Irish residency in addition to tax implications was it not?
 
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