Possible write off without knowing!

Sarah76

Registered User
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I started a thread back in 2015 about my financial situation. There's a shortfall of €160,000 on the loan. I sold the family home due to relationship breakdown. Last year I had contacted the bank and was informed my information had been forwarded to Cobart Financial. I contacted them three different times by phone and they had no information. I had received a letter from Ulster Bank saying they had passed on the information to Cobart. Though it was strange as it wasn't signed by anyone, it was blank at the end. I left it and waited for a letter from Cobart though have never received anything from them. So I didn't go down the avenue of a PIP as wasn't sure who to deal with at the time. Two weeks ago I paid for a ICB report to check my credit rating. It mentioned Ulster bank mortgage and the latest balance was 0.00. Also said scheduled removal date is 30th November 2018. I rang ICB they have no info about shortfall. I contacted Ulster Bank, they said it was redeemed the loan was cleared. Looked up the notes of my case had a team leader also look at these too as I wanted to be sure. I mentioned I had received letter, they said it takes two weeks for information to be transferred over to Cobart and the fact it was over a year ago she couldn't explain what happened. I was informed that the legal team was involved and that the loan had been redeemed and there was no shortfall, they checked the notes again. I asked for this information to be sent in writing to me and they agreed and clarified my address and once again asked for clarification as I cannot believe it!!! Could this be true???? I contacted Cobart and they have no information or details relating to any information about my case. No information on their system about any money owed!!! Any advice?????
 
The above thread is an update from yesterday post you've mentioned .

I'm not used to forums, sorry if I'm misplacing things:(
 
Sarah 76.

Sarenco {let sleeping dogs lie} is good advice.

Cabot seems to have taken over a lot of Bank Debts, such as yours . With house sold your shortfall k160 is now classed as unsecured, that means that unless you have other assets , work , or good future prospects there ain,t much point in chasing you.
Cabot may well (within 6 years from last payment on your old account) come asking questions, if they do write/contact you.
Cabot seems to have problems in getting info on accounts , so You come back to AAM before doing anything.
In particular don,t identify yourself on any calls.
 
Gerry Canning

I have no assets, though I am working. I was working when I went through the process of selling the house.

What happens after the six years?

I'm just going to wait and see. Hopefully I'll get a letter from bank giving clarification that loan loan is redeemed and shortfall has been cleared. I requested it so fingers crossed.
 
There's a statute of limitations on debt. If they don't send a statement or request payment for a period of 6 years the debt is no longer enforceable. AFAIK.
 
I posted this evening myself, about a loan from BOSI that, as far as I can recall, ended up with Cabot. There was approx 10k remaining but after not hearing anything from them for 3 years I got a credit report this week from ICB to discover it was marked 'Completed' 2 years ago. I cant quite believe it as this debt has always been at the back of my mind. I lost my job in the crash and then put myself through college. You can see my thread here:

Can this debt really gone????
 
On my ICB it said completed too and my credit rating is back to being in the clear in Nove 2018.

I feel the same can it be really gone!
 
I doubt they are gone gone as such, they are gone off the ICB as the original bank sold on the debt so it is finished with them as far as they are concerned. Whoever they sold it to would be the ones to look for it now, maybe they found contact difficult or for some reason didn't bother!
 
Sarah & Dublin Guy.

As per Monbretia , Your debts are not yet (gone).
It looks that in the recession you had nothing to be chased for and your original lender either sold the debt or gave the work in trying to get fun ds from you to Cabot.
There is a cost to Banks in using the ICB (Irish Credit Bureau) so it is likely they just cleared your names.

@ this stage its unlikely you will be chased but again Cabot might sell your debt for (buttons) to someone else, though i doubt it.

If you get any contact come back to AAM before responding in any way.
 
I contacted Cabot several times last year and again a few weeks ago and have no information.


In relation to engaging I always engaged with bank it was the joint mortgage holder that caused difficulty unfortunately.

Thank you for the advice
 
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