What happens if I decide to ignore my debt?

Presumably the bank could be waiting until the debtors do have something tangible to offer at which point they will move to execute the installment order?
 
I was asked for my pps number to open a savings account in Bank of Ireland about 18 months ago.
 
As you probably know there is a statutory period which is 5 years and if the company does not recover the debt within that period then they cannot take it any further. Also the bank was lying as they cannot send anyone to prison for being debt unless it is owed to the government not to banks for credit card debts?
 
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.
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Give me a break - never hear of personal responsibility Swallows?
 
royrogers said:
Also the bank was lying as they cannot send anyone to prison for being debt unless it is owed to the government not to banks for credit card debts?
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While this is tecnically correct, people have been imprisoned on debt-related matters. I know of one case where the financial institution (Irish Nationwide) requested a court order to jail an individual whose property they were repossessing, and the court granted the order.
 
...but if you make an effort to make some sort of repayment that should look good shouldn't it? at least the person in debt would be acknowledging they owe the money and they are trying to sort things out. by the way i myself am not in debt.

Alex.
 
HI Justin, I actualy have a post her myself asking about debts that i have . Not wanting to hit you with the one liner the right thing to do but it is, i left my loans for a long time fooling myself that they would dissapper, they dont, i have done the sleepless nights over what i owe and the constently thinking of it. Its not worth it, that consetent sick feeling just is not worth sticking your head in the sand, prob thinking im one to talk but im trying my hardest to sort things out. End of the day money was borrowd and spent so therefor it has to be paid back. I have contacted MABS through the advice of people on this site and to be honest since i rang to make my app. for later this month there is a slight releife because i have started the ball rolling to fix the problem. you may not like banks but i think changing ur whole personal persona is a little drastic and un-nessescery although i can see the thought behind it becuase when you owe money there is always a time when u feel all you can do is something drastic. So all i can say is maybe do what i have been told to do and contact MABS see if the can reduce payments and help with a budget as that is what i was told would happen at my app. when i rang. I really hope you sort yourself out as i know there are some people who think if u owe money ur problem and yes i know what the line responsability for your own actions means but unfourtunetly things are never that clear cut there are a huge number of problems that can accure that start debt there is a lot of strain and worrie that help push you onto the bad road of debt. best of luck x
 
Rainday, I expect the person was not sent down for non payment of debt but as his property was being repossessed he probably would have been because of threatening behavior or something else not because of being debt??
 
As you probably know there is a statutory period which is 5 years and if the company does not recover the debt within that period then they cannot take it any further.
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First of all the statutory period is 6 years, not 5. Secondly any acknowledgement by the debtor of the debt will result in a fresh accrual of right to take action, so that period is extendible.

Also the bank was lying as they cannot send anyone to prison for being debt unless it is owed to the government not to banks for credit card debts?
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I don't know where you are getting this from? Banks regularly make committal applications in the district court for failure to pay loans of all sorts.
 
royrogers said:
Rainday, I expect the person was not sent down for non payment of debt but as his property was being repossessed he probably would have been because of threatening behavior or something else not because of being debt??
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Hi Roy - I'm pretty sure it wasn't a case of threatening behaviour by the individual in question. It may well have been failure to comply with earlier court orders.
 
I,m sure Justintime would repay his debt if he had the money, what he is saying is that he can't and so is looking for a way out.

A lot of students in the UK borrowed Student loans and this left them in debt to the tune of anything over £3000 to £15000.

What is happening now is that they are declaring themselves bankrupt. With no assets they have nothing to lose (except the debt) and after a period of time typically three years they are free to start again.

The government there are now looking at closing this loophole as more and more people were taking advantage of this. In fact if Justin was so inclined he could go down this road and free himself of his debt. He could find out what the law here is regarding voluntary bankrupcy (does it exist) if he has no assets then he could legally free himself of his debt. Perhaps someone could tell us the law on this?.
 
Swallows said:
In fact if Justin was so inclined he could go down this road and free himself of his debt. He could find out what the law here is regarding voluntary bankrupcy (does it exist) if he has no assets then he could legally free himself of his debt. Perhaps someone could tell us the law on this?.
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I'd suggest that you should confirm details of the Irish law on this yourself before you recommend it as a path of action to others.

I presume you have no difficulty with paying higher rates on your loans and getting a lower pension in your retirement as a result of defaulting on loans by Justin & others.
 
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RainyDay said:
I presume you have no difficulty with paying higher rates on your loans and getting a lower pension in your retirement as a result of defaulting on loans by Justin & others.
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Not to mention higher bank charges through the financial institutions will attempt to recoup losses attributable to such bad debts.
 
Thanks all for the replies.

I know not paying the debt is wrong so please spare me the lectures! I'm really only interested in what will happen to me if decide to ignore my debt and disappear somewhat.

I do know I've never read in the paper about someone going to prison for debt. Thats really my only concern.
 
I know not paying the debt is wrong so please spare me the lectures!
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Nobody gave you a lecture as far as I can see.

I'm really only interested in what will happen to me if decide to ignore my debt and disappear somewhat.

I do know I've never read in the paper about someone going to prison for debt. Thats really my only concern.
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It might be worth reading [broken link removed] so - in particular [broken link removed] (my underlining):
Check back to your list of Priority Debts. You deal with these debts first because:



  • Your home may be at risk.
  • You may be evicted.
  • Your electricity, gas or telephone may be disconnected.
  • Your failure to pay a fine or a civil debt may result in a prison sentence.
  • Your car or goods on hire purchase could be repossessed.
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Ash, I hope I don't sound patronising but well done, you did the right thing by taking steps to get yourself out of the debt hole you were in. Taking responsibilitiy is always the best course of action.

By the way, I don't understand why declaring bankruptcy would be a verboten topic. I am not familiar with Irish bankruptcy law but in most countries where such law exists it is considered a very important and necessary consumer and business safeguard.

Here's one example from a business perspective:

[broken link removed]
 
extopia said:
By the way, I don't understand why declaring bankruptcy would be a verboten topic. I am not familiar with Irish bankruptcy law but in most countries where such law exists it is considered a very important and necessary consumer and business safeguard.
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In spite of what was said earlier I don't think that bankruptcy is "verboten" as a topic for discussion on AAM but, on the other hand, unlike other juristictions I don't think that in Ireland individuals can declare personal bankruptcy in order to escape outstanding personal debts so perhaps it's a moot point?
 
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