# my settlement offer on a personal loan has been accepted by boi!!!...



## miss buzzer (11 Jun 2014)

took out a personal loan with boi in 2007 for 3,500 but unfortunately fell behind with my payments due to unemployment & ill health,interest kept building up & the total amounted to over 7,000...boi then got their solicitors onto me to pursue payments.....i had been paying 5euro per week for roughly a year so i decided to write the a letter saying why i fell behind with my payments etc..i then said that i wanted to settle with them & that i could offer 2,000 to be totally done with it & they accepted it!!!its..such a weight off my shoulders....!!!


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## lopin (12 Jun 2014)

Well done, nice outcome


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## Gerry Canning (12 Jun 2014)

miss buzzer said:


> took out a personal loan with boi in 2007 for 3,500 but unfortunately fell behind with my payments due to unemployment & ill health,interest kept building up & the total amounted to over 7,000...boi then got their solicitors onto me to pursue payments.....i had been paying 5euro per week for roughly a year so i decided to write the a letter saying why i fell behind with my payments etc..i then said that i wanted to settle with them & that i could offer 2,000 to be totally done with it & they accepted it!!!its..such a weight off my shoulders....!!!


............

That is very good;

There appears to be a more pragmatic view being adopted by most lenders.
In effect they are writing off when it is obvious they are going nowhere, and it is obvious that customer wants to but just cannot repay. 
Putting case in writing and outlining your case gave both you and Mr Bank a sensible closure .  

Well done.


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## Steven Barrett (12 Jun 2014)

Well done Miss Buzzer, I'd say you're delighted. 

I am hearing of the banks doing a lot of deals with people. Ireland as a nation needs to draw a line under the levels of debt if we are to move on. When people can see light at the end of the tunnel, they will begin to look forward and the economy will really pick up again. 

Steven
www.bluewaterfp.ie


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## arbitron (12 Jun 2014)

Congratulations - great to hear such good results. Did you deal with your local branch?


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## miss buzzer (17 Jun 2014)

thanks so much guys,such a relief is right!!!...i wrote the letter to the banks solicitors and they told the bank what i proposed & hey presto!!!.....im goin to try the same with cabot financial who bought my old mbna account.....had a credit card with mbna about 10 yrs ago but i've always tried to pay something but the intrest has just snowballed,cabot bought it off them....i did offer cabot 450 to clear it but they refused so i sent them a letter asking them to supply me with the original cca....i read up about this & if they cant show me this then they cant chase me for the payments???....


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## Bronte (18 Jun 2014)

It's great to hear about some people managing to sort themselves out. Well done Miss Buzzer. Let us now how you get on with the credit card. I believe the key is to pay them zero and then they will deal.  The worst thing to do is to drip feed them.


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## miss buzzer (18 Jun 2014)

i will be in touch for sure....!!!


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## Gerry Canning (19 Jun 2014)

Miss buzzer; 

Cabot has bought some debts and are managing some others.
Mbna,s filing systems seem to be messy. You are right to look for what you signed.
I assume you now do everything in writing and you keep copies.
Do not take phone calls. 
I do not know what you owe Mbna but anecdotally they will eventually take any sensible offer; I do not know what you owe but, it is not worth their while pursuing anything under k10.
I Agree with Bronte,s comments


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## SparkRite (19 Jun 2014)

Getting very close to the edge now lads and lassies. 

Maybe Brendan should set up a new forum along the lines of "How to avoid paying your Debts".  

I miss the thread "*Notice handed in getting nasty"  *so maybe this one will heat up, here's hoping.


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## Gerry Canning (19 Jun 2014)

Sparkrite; 

You could well be right but not for the reason you hint at , ie to let people off their due debts.
From most threads I have viewed, these are not people that have just suddenly said {too hell with the Banks} but  people who are genuine.
From my view I am not saying they can just walk away , but too often I see posts where a bit of sensible pragmatism from Banks would allay posters dread and lead to more realistic and sensible options. 

No doubt there are chanchers among the non-paying brigade but I still believe the vast majority of people want to sort things. 

Maybe this thresd will just warm up not heat up!


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## Golden1951 (19 Jun 2014)

yes i agree there are people who really do want to sort things out with the banks, its the banks that seem not to want to, as in a previous thread they cant get blood out of a stone, its not a case of not wanting to pay its a case of not having the money to pay, after getting large sums on a voluntary sale and the poor person who is selling the house is getting nothing except a debt they cant afford to pay.


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## miss buzzer (19 Jun 2014)

gerry canning

i had the credit card since roughly 2004 & the limit was 2,000....i've always made payments but unfortunately the interest rates kept increasing because the payments i was making were not enough....the total that cabot r chasing me for is 2,500!!!!...mabs wrote to them saying i can only afford 5 a month,i've been payin 5 since 1yr&a half....i hav all my receipts of paymenys i'ce paid & it amount to ove 2,000!!!quite sickening really....if they dont come up with the cca then i will prob offer them a low  anount to settle for once & for all....


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## Fionnmacuil (27 Jun 2014)

Could I ask if the settlement is a lump sum or not?

Croskerry's - BOI solicitors told me they would only accept a lump sum as settlement


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## Gerry Canning (27 Jun 2014)

Fionnmacuil said:


> Could I ask if the settlement is a lump sum or not?
> 
> Croskerry's - BOI solicitors told me they would only accept a lump sum as settlement


 ................

Normally they want a lump sum  settlement as it gives closure to them and customer.
An ongoing (settlement) of say 50 per month over an agreed term can also be negotiated. The problem is ; that is messy for them and potentially no use to you.
Example ; You owe 3,000. They say they will accept 50 for 24 months in full and final settlemnt.
If you miss even one payment that settlement will be void!
From experience ; when Banks are talking settlement you are looking @ 25% of the debt .
Example on 10,000 they will accept 2,500.

Remember it is also in their pragmatic interest to get closure.


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## demoivre (27 Jun 2014)

Fionnmacuil said:


> Could I ask if the settlement is a lump sum or not?
> 
> Croskerry's - BOI solicitors told me they would only accept a lump sum as settlement



Then they need to get real. A debt deal arrangement through the ISI would be over a period of years as would an installment order if they bring you through the courts.


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## miss buzzer (29 Jun 2014)

yes fionn it was a lump sum settlement...its all done & over with now thank god....!!


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