Help me I am worried sick: I abandoned cc debt in my 20s

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aries7

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Whe I was in my 20`s I had a credit card which ran up to 1500 and then I ended up in difficulties and abandoned the debt. Now I am 32 and would like to try and make it right. Requested a report from ICB. Whjat happens now? Will they inform the bank AIB that I am back in the country. I am so scared I want to make it right but dont know where to start. What will happen to me? Is my credit record distroyed forever. Got a call from the ICB stating that I got into trouble when I was living at a certain address so the details are on my credit report. Still awaiting the actual report which is taking a long time. I am expecting a summons through the post. I am so scared I cant sleep.
 
Re: Help me I am worried sick

aries7 said:
Will they inform the bank AIB that I am back in the country.
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I don't think so. I think that the ICB just store the records and respond to requests from financial institutions and consumers but don't unilaterally track people or report their whereabouts to the financial institutions. I don't know this for sure however.
I am so scared I want to make it right but dont know where to start. What will happen to me?
Is my credit record distroyed forever. Got a call from the ICB stating that I got into trouble when I was living at a certain address so the details are on my credit report.
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This does not sound correct. ICB records only go back five years but perhaps your debt above still appears because it was never cleared or written off as a bad debt by the bank?
Still awaiting the actual report which is taking a long time. I am expecting a summons through the post. I am so scared I cant sleep.
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You could try contacting MABS and asking them what they think. Another possibility might be to get legal advice from a solicitor just in case. This might be a first step towards approaching the bank with a proposed settlement for the original amount and some (but not all if possible) outstanding interest that is acceptable to both parties?
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Re: Help me I am worried sick

aries7 said:
Whe I was in my 20`s I had a credit card which ran up to 1500 and then I ended up in difficulties and abandoned the debt.
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Did you do a runner??
 
Re: Help me I am worried sick

I did how stupid was that and now I want to make it right but I fear that I have left it too long.
 
Re: Help me I am worried sick

The rpoblem is that I have no savings and the only way I couyld pay it back would be monthly from my wages which they prob wont agree to.
 
Re: Help me I am worried sick

A financial institution will be happier to get something back, even on a drip feed basis, than nothing at all. They may even settle for less than the cumulative (i.e. including interest) amount if you can present them with a reasonable alternative which allows then to recoup some of their losses. Talk to MABS and explain the situation to them. They may be able to advise you about the best way to proceed and deal with this issue hanging over you once and for all. As I've said elsewhere (and I don't mean to sound trite or patronising) just worrying about the problem will not help and may only harm you. Better to try and do something constructive in terms of dealing with the problem. Good luck.
 
Re: Help me I am worried sick

Hi Aries

Why don't you ring your bank directly and offer to pay off the amount at say €100 a month by direct debit. I'm sure they would be amenable to a suggestion like that. I'm 27 now but when I was 19, and again when I was 21, I ran up large bills on my Visa card, IR2,000 and IR£2,500 respectively. I paid them both back in full, albeit not as per the initial arrangement. At the time I received quite a few letters re: the possibility of summons etc... What really saved me was finally taking the plunge and talking to the bank and explaining my circumstances to them.

You can change your situtation through your own willpower. Ring them today!
 
yep ring up the bank and see if you can negotiate a new payment plan with them!

even if they get 100$ out of the 200$ you owe them every month, rather than getting 0$ all together, they will welcome this negotiation with open arms (well most smart banks)
 
It probably won't happen to you but i did hear of one guy who did a runner owing quite a bit of money to Revenue and when he returned to Ireland years later and decided to make amends they had no record of the problem.

I suspect your Bank might be a little more organised. But one way or the other dealing with it by talking to Mabs or directly to the bank is the way to go. You might be better organising a meeting with someone at your local branch than trying to deal with someone in a Call centre.

I'd be shocked if they were anything other than happy to have someone approach them to sort out a debt. They'll probably try to give you a stern talking to to put you in yourplace. To some extent you deserve that, but don't let them divert you from the fact that you are doing the right thing. Remind them gently that treating customers badly when they try to do the right thing, only encourages customers to avoind doing the right thing.

-Rd
-Rd
 
I am sure they have chalked you debt down as bad debt... so they will be glad to get anything off you...

call them , aranage what you can afford a month... I am sure it will all work out for you as long as you are trying to pay them....
 
I'd agree with general thrust of advice so far. Approach your bank. The amount isn't huge, happened some time ago, you were younger etc etc. You now want to put the debt on some sort of repayment schedule. Believe you should be able to negotiate on outstanding amount (not including interest). Bank will be happy to recoup even the capital amount, they've probably accounted for as a bad debt already. Believe you can then put this behind you and move on. Best of luck...............
 
If it is more than 6 years ago and they never got a judgement, then the statute of limitations applies and the bank can never take action in the courts to recover the money.

I would hold fire until you know if they got a judgemnt.
 
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