bank and credit card debt

M

martino

Guest
I have an overdraft of approx €2500 with PTSB and a credit card debt of approx €5000 with UB (formerly with First Active). I cannot make payments on either and have received the usual debt collector threats of legal action.
Should I take these seriously or ignore them as I have no prospect of paying them back ever!! I am unemployed and my wife is working 2 part time jobs to pay the mortgage with UB (on which they have agreed reduced payments by extending the loan period by 5 years, which means we will still be paying it in the afterlife!!)
 
Given that you have no income (other than SW) you should write to each institution & advise them of your financial position. If they accept that you are unable to pay they may write off the debt. IF you fail to contact them, they will definitely accelerate recovery action & commence legal proceedings against you. Given your financial situation, legal process is unlikely to make much difference.
 
They could get a charge on your home if there is ever any equity down the road. The more you ignore them, the more they would put on this charge. As Brendan said, write a letter. You are always better off engaging unless you plan to go away for good.
 
Thanks for the advice and I will engage with them and hope they just write the debts off.
 
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