# Revoked AIB credit card debt



## rewindto1998 (11 Jan 2016)

Sorry for the long post, long time reader, first time poster and I'm looking for some advice.
I had a large credit card bill €13,000+ back in 2009, I was going traveling for a year and cleared it down to €7,500, making the minimum payments while away, when I returned from travel in 2010 I couldn't make the €350/month interest/minimum payments AIB wanted me to make due to no job, speaking with card services they advised I let them revoke my card and the interest would be stopped, my card was revoked and I got a mark against my ICB rating. Using MABs self help guides I agreed with AIB to pay €50/month until I was in a better financial position.

So I made the €50/month payments, some months I paid €100, probably more often than not. During the summer I missed a month and suddenly I had Cabol Financial breathing down my neck sending letters demanding money on behalf of AIB. After numerous phone calls they said if I was thinking of making a settlement they would have to send it on to tAIB because they didn't own the debt and I'd need to fill out a statement of means.

I sent them the statement of means at the end of November which showed I am contracting doing IT work, I have a mortgage, car loan and new baby so I have very little if any disposable income and I could make an offer of €1800 which I would be borrowing from the credit union, if AIB didn't accept I couldn't commit to any more than the existing €50/month. I never heard back from this offer until this morning when I received a letter from belgard solicitors demanding payment of the €5800 in full or the lender would seek legal action.

When I received this letter I rang them up and they said they now wanted wither €160/month for 3 years or €5400 or something around that amount. I told them that wasn't going to happen and I couldn't afford to make either of those payments and the conversation kinda ended with they would have to revert to AIB.

I'm wondering what I should do next, I'm not so sure they even passed my offer onto AIB, I think they are trying to bully me into paying more so they can make a larger cut, I don't have more to give them and genuinely will be borrowing the settlement from the credit union, would it be worth sending my offer directly to AIB or will I just wait the next letter?
Can they file another mark against my ICB rating even though they already did back in 2010 when they revoked the card? Will I be brought to court?


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## rewindto1998 (12 Jan 2016)

I forgot to add in the 3 or 4 phone calls I've had with Cabol since September I've requested a statement to prove the amounts I'm paying are going off the debt as I've never received any type of statement against the debt since the card was revoked in 2010, each time I was either fobbed off or told the they will request them from the bank. I also requested these from AIB and was told because the card was an online card only I could only view these online. But because the card was revoked there is no way for me to see these. It seems a bit crazy to pay money monthly and never see a receipt or statement.


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## Gerry Canning (12 Jan 2016)

rewindto1998.

Cabot are being used to see what funds they can get from  (old) accounts.
1. Go on-line under Irish Credit Bureau (icb) and request your icb, that will let you get a today position.
2. It looks like Cabot (for AIB) will accept circa5,000 in full and final settlement.
3. Make an offer of say 4,000 and mark it (without prejudice) in full and final settlement , subject to sight of full statements and copy contract of alleged amount owing.
4. Keep a written note of any and all calls from Cabot ,date,time,person etc.
5. Avoid phone calls , get all in writing.
6. Belgard (claim) 5,800 or else court, that is only a threat at this point.

Unless and until you get full breakdown of debt owed be very wary of engaging , that said if they will confirm that say 4,000 closes everything off and you can afford to borrow that amount , then go for that .

Please remember the first thing any lender has to do is prove the actual debt , not numbers from a hat !

So let them do some work before you are bumped into a decision.


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## elcato (12 Jan 2016)

Agree with Gerry except I would make a final offer of €2000. If and when it gets to court you can explain your finances to the judge and he will more than likely accept this or bassically adjourn generally which is on the never never. Rather than pay anything from here on just save the money in a seperate account and you can always make another offer anytime before the court case. It will take at least a year to get to court so you have time. In the meantime don't worry about it and enjoy life but keep written correspondance.


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## 44brendan (12 Jan 2016)

elcato said:


> you can explain your finances to the judge and he will more than likely accept this


Judges are not in a position to impose settlements in respect of amounts owing! If the case goes to Court a judgment will be given reflecting the full amount owing. Having said that you are entitled to receive a statement showing the amounts paid in by you over the years. A telephone request can be ignored. Submit a full data access request (DAR) to Cabot which should give you all information you require. I would also tend to hold firm on the offer of c€2k. make sure this offer is made in writing.


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## Seagull (13 Jan 2016)

Those numbers don't add up. If the interest was stopped in 2010, the debt should have stayed at €7500. If you'd been paying the minimum of €50 per month, you'd have paid at least €3000. You say you've frequently paid €100 per month. I'm being conservative, and assuming an average of €75 per month, and 60 payments from 2010 to now. That gives €4500 in repayments, which would leave €3000 owing.


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## Brendan Burgess (13 Jan 2016)

Seagull said:


> Those numbers don't add up. If the interest was stopped in 2010, the debt should have stayed at €7500. If you'd been paying the minimum of €50 per month, you'd have paid at least €3000. You say you've frequently paid €100 per month. I'm being conservative, and assuming an average of €75 per month, and 60 payments from 2010 to now. That gives €4500 in repayments, which would leave €3000 owing.



Well spotted!


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## Gerry Canning (14 Jan 2016)

Rewind,
Well spotted by Seagull on amount you have paid off.
Methinks Cabot are on a trawling exercise ,so suggest take posters advice .


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## rewindto1998 (14 Jan 2016)

Thanks for all the replies, I'm going to write them a letter tomorrow with a final offer of €2000, Cabot have said they don't have the statement of my payments because I still make them directly to AIB and have never paid Cabot directly, they did say on the phone they would request the client sends them on. But they obviously never did. I'm going to write directly to AIB and request the DAR tomorrow, should I include my offer in this request directly, bypassing Cabot?


Seagull said:


> Those numbers don't add up. If the interest was stopped in 2010, the debt should have stayed at €7500. If you'd been paying the minimum of €50 per month, you'd have paid at least €3000. You say you've frequently paid €100 per month. I'm being conservative, and assuming an average of €75 per month, and 60 payments from 2010 to now. That gives €4500 in repayments, which would leave €3000 owing.


Im sorry the dates mentioned in the first post are kinda rough, I'm working from memory, when I came back from traveling it was August/September 2010 and there was about 2-3months I paid nothing before I got into the €50/month and interest to be stopped with AIB, so it may have been closer to 2011, I'd need to go back and check exact start date. I'm not even sure when Cabot got evolved as I was originally dealing with AIB directly, I don't think myself I could possibly still owe €58xx which they say I do, I think I owe more about 4000-4500, I need to get full details from my own bank to verify exact amount I paid, I foolishly only kept notes on the last year of payments which has always been either €50/100 each month.


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## elcato (15 Jan 2016)

Do you not receive statements each month from AIB ?


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## 44brendan (15 Jan 2016)

rewindto1998 said:


> should I include my offer in this request directly, bypassing Cabot?


No! requests for DARs are specific and any offer should be made directly to Cabot! Also do an internet search on DAR requests. There is a specific methodology for applying and a small fee must be paid.


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## rewindto1998 (17 Jan 2016)

elcato said:


> Do you not receive statements each month from AIB ?


No, it was an internet based account so no paperwork, when card was revoked they suspended my account.


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## rewindto1998 (18 Jan 2016)

44brendan said:


> No! requests for DARs are specific and any offer should be made directly to Cabot! Also do an internet search on DAR requests. There is a specific methodology for applying and a small fee must be paid.


Thanks for your help Brendan, I've read up and sent them DAR requests off to both companies, I've also sent the offer again increased to my absolute maximum to Cabot and asked for them to reply in writing, so will see where is goes, fingers crossed.


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## 44brendan (18 Jan 2016)

best of luck with that rewindto!


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