ACC unsecured loan

K

KateCrill

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we need help, we took out an unsecured loan in March 2007 for a business venture which failed. We failed to meet the quarterly repayments but since February 2012 we have made monthly payments. We are accepting the fact that we did not honour the original agreed repayments but have remained in communication at all times. We borrowed 35k , since 2007 we have repaid 23k but we now owe 50k due to interest and charges of almost 35k. The bank have requested a proposal of repayment (despite the monthly payment of 500) from us by the end of August so that they will not take any further action they may be forced to take. The guy is extremely aggressive so my husband now deals with him. He has said that ACC are not interested in restructuring or helping us in any way. We had unsecured debt with 3 other lenders they all entered into agreements and in 2 years they will be repaid in full. ANy suggestions would be much appreciated as at this point we think we will die still owing a significant amount. thanks
 
If he is looking for a proposal by August,then what is that if it is not a restructuring?
Do you have any assets that ACC could secure a judgement against?
 
1. Write and ask to have all future communication in writing since you have found ACC staff member extremely aggressive to the degree that you got husband to deal with calls.
2. Make sure you log/copy any and all correspondence.
3. By all means make a repayment proposal of what you can realistically afford. (do not be tempted to put in more than you can afford). Request they stop adding penal type interest.
4. (further action ) sounds like a bully-boyish verbal tactic to see can more be shaken from you.
5. Whoops! to say ACC are not {interested in restructuring}!. Take a note of that time and call , that presentation is neither acceptable nor sensible.
6. It may be that Mr Acc knows you are paying other lenders and he wants a bigger cut.

With you paying 500 per mth , I just cannot see this going very far.

On your note to ACC ,press on them your wish to honour the debt.
ACC are closing down and are simply seeing what can be shook out quickly.
It is unfortunate you have come across a twit .
 
I feel for you OP. I have being dealing with ACC for years and I can vouch for what you have said. The aggression is second to none. At the early stages of the economic crisis I was called to a meeting and I can honestly say I was floored by the attitude.

They are also impossible to negotiate with. I'm now repaying my debt in full with them but during my financial crisis I made to feel hopeless.
OP a DSA is definitely the way to go because I am only too fully aware that these guys are a nightmare.

Gerry, how long more will they be in Ireland for? They are a loan management company now.
 
Gerry Canning said:
1. Write and ask to have all future communication in writing since you have found ACC staff member extremely aggressive to the degree that you got husband to deal with calls.
2. Make sure you log/copy any and all correspondence.
3. By all means make a repayment proposal of what you can realistically afford. (do not be tempted to put in more than you can afford). Request they stop adding penal type interest.
4. (further action ) sounds like a bully-boyish verbal tactic to see can more be shaken from you.
5. Whoops! to say ACC are not {interested in restructuring}!. Take a note of that time and call , that presentation is neither acceptable nor sensible.
6. It may be that Mr Acc knows you are paying other lenders and he wants a bigger cut.

With you paying 500 per mth , I just cannot see this going very far.

On your note to ACC ,press on them your wish to honour the debt.
ACC are closing down and are simply seeing what can be shook out quickly.
It is unfortunate you have come across a twit .
Click to expand...
 
Thank you Gerry. You have hit the crux of the matter in that the 500 is not going anywhere especially as the penalties and interest are greater. We will write again and provide details of our outgoings along with a proposal. We really want to pay it back but it is extremely difficult to see the woods for the trees.
 
PatrickJ said:
I feel for you OP. I have being dealing with ACC for years and I can vouch for what you have said. The aggression is second to none. At the early stages of the economic crisis I was called to a meeting and I can honestly say I was floored by the attitude.

They are also impossible to negotiate with. I'm now repaying my debt in full with them but during my financial crisis I made to feel hopeless.
OP a DSA is definitely the way to go because I am only too fully aware that these guys are a nightmare.

Gerry, how long more will they be in Ireland for? They are a loan management company now.
Click to expand...
I am sure there are many like us Patrick! I think that whilst a loan management company is managing the book, the debt is still with ACC. Thank you for your feedback.
 
Patrick J.
They are now ACC loan management.
I understand that by end of 15 , they are effectively gone.
It appears they are making a last push to gather in what they can, the rest is in legal bin or will be farmed out or soldp to debt collection company.

In reality ACC no longer exists.
 
Kate, I do be delighted to hear others who have debts with them because as you know their tactics more so in the bast were worrisome. There customer treatment is despicable. There was one particular case manager that went out of their way to make me feel as bad as possible. I got brave and made a complaint! The bully tactics swiftly stopped.

Gerry, No loss! Joking aside I have been looking at insolvency. I mentioned to my PIP that I was wary of applying for a PIA because of my bad experiences with ACC and I was afraid such an application could cause issues for me at the bank/loan management company. I was assured that the bank were difficult to deal with. I halted the process of insolvency and am still in limbo whether to go ahead with it in case I end up in the legal bin too. Do you envisage the debt collection company will be easier to deal with?
 
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