# Short Term Debt Advice Needed - Credit Card



## barneymcc (28 Feb 2011)

Hi I am looking for some advice.

I have 30000 odd in short term debt that I am looking to write down as best I can.

I have almost negotiated a short settlement with MBNA whom I owe 13500, they are settling for €4200.

I owe Hallifax 14000 but they are not negotiating as good as MBNA. They are looking for 10,000 and are hard to talk to. Has anyone any advice or experience.

I also have 5000 of an AIB credit card but did not start to negotiate with them yet. Anyone have any experience with them ???

I am out of work now and have been to MABS for advice.

I am happiest to short settle, I can manage to get the money over a period and just want to wipe this lot out completely.

Would appreciate any advice

Thanks


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## TIMbjjf (6 Mar 2011)

Hi,

I am in a similar situation myself but I am waiting to see what happens at the Appeal Hearing on the 26th March regarding the judgment on the Credit Card Companies.

Just one question:

If you go along with the MBNA offer will they still give you a negative credit report ?


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## Roamer808 (7 Mar 2011)

*money owed to credit cards*

Barneymcc - I have a card with AIB - 7600 quid owed. Phone call from them said they will 'discharge' the debt as a write off but it will get noted to the credit people, resulting in a black mark for 5 years. Which would be negotiable if the debt was readdressed down the road IF things pick up.

By the way what is the hearing for credit cards on the 26 of March?
Timbjff - This is interesting because the guy on the phone, who was nice, did mention that date - now I am wondering why?


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## MisterMarkie (7 Mar 2011)

I'm in a very similar position. I have €22000 in short term debt and have tried to renegotiate with my 3 creditors. I have €6k owing to NIB on a personal loan - There are 2 years left on this and I requested to spread the remainder over 5 years to reduce my payments but they said as I can afford the current amount they would not facilitate the rescheduling. I owe MBNA €9k on a credit card and again as I contacted them to reschedule it but they said as I making the minimum payments I can keep that up. And finally I have a tax bill of €7k that I am paying to Revenue monthly over 3 years. Each creditor says I can afford to pay them but don't seem to understand that I can't pay all of them. At present I have €775 a month furnishing these 3 debts and was hoping to get a loan over 5 years to pay them all off as this works out at €450 a month and would free up some much needed cash on a monthly basis. Again NIB told me they wouldn't loan money for consilidating debts. Any suggestions would be most appreciated.
What's happening 26/03/11?


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## so-crates (8 Mar 2011)

Isobel-33 said:


> Don't mean to be negative, but hey, how did you all run up all these credit card debts???
> 
> Would be interesting to know how many properties you bought during the "good times" ...?
> 
> Had to be said ...!


 
Most people don't use credit cards to buy property...


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## orka (8 Mar 2011)

Isobel-33 said:


> Don't mean to be negative, but ....
> Had to be said ...!





Bilbo1971 said:


> It's a bit unfair to judge him. You posted yourself this evening about taking out a small loan because of financial difficulty.


And I expect the OP is paying considerably lower interest rates than the heart-stopping 187% (!!) APR you are paying Isobel-33.  Had to be said...!


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## Kev (8 Mar 2011)

When a debt is written off does the lender get tax relief on the write off.


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## Roamer808 (8 Mar 2011)

Discharge is bank speak for offloading the loan from their books to a provision of bad debt. And yes they sure do mark your cards with the credit people.
I was told that if I meet the minimum payments it would just roll along until the end of time or the end of this country.  Making minimum payments increases the debt with the time your are paying over.

_To answer our new guest to the topic 'Don't mean to be negative, but hey, how did you all run up all these credit card debts??? ', they were ran up from a combined effort of trying to keep my business afloat, which has had it's capital wiped out from bad debts and trying to keep food on the table for my family.

And to answer this gem, 'Would be interesting to know how many properties you bought during the "good times" ...?'_

_Not every person in this country bought second or multiple homes.  If you look at the numbers of vacant properties in the care of NAMA, that is one example.
_
_I cannot speak for the other members that have posted, but I can assure you that I own one house, bought just when things were balancing on the rim of the toilet bowl. As for the good times, despite being in business since the last recession, the good times were good to me in the capacity that I had steady work, bills paid and some money left over to save. I never roasted customers which proved very prudent. No holiday home was bought, new cars, fancy crap for the house and all that stuff that the general population got swept away with.  No, I just got plain ole' shafted left right and centre by people who owed me cash and about an 80% drop in sales from the domino effect that steamrolled the country from Christmas 2007 onwards._

_Ahh sure I remember it well, the evening news about the Iceland banks that went t*ts up. And then I turned to herself, she looking back at me expecting kind words only to hear 'here we go, we are f**cked'. And me being no economist, sure wasn't I a little bit right? If I only was more right I would have just gone to the airport and buggered off._

_So do us a favour love, don't come onto a forum and point the finger at others. You will probably find some of them are not clueless morons, but mere mortals who are trying to get out of the hole they are in, by ducking and diving and not getting involved with astronomical loan rates. _
_187% APR indeed. Had to said._


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## Roamer808 (10 Mar 2011)

*doing a bunk on a debt*

xx


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## Emmanuel01 (22 Mar 2011)

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