They wrote off my debt.

Hi all,

This is my first time posting so be gentle.

4 years ago I was left with a lot of debts from a previous relationshp (I had taken every known loan out in my name). One of these was a car loan for myself. When it came down to it I couldn't afford to pay my debts alone and started missing a lot of payments on several loans. After a while of this AIB passed me onto a collection agency. I agreed to pay these €15 per week (forever) which they accepted. I still regularly checked my online AIB account for my balances but recently when I went online the balance on this particular loan was €0.00 and it showed no payments all year until it stated "write off bal limit" and a credit of my outstanding balance.

Can anyone give me more insight on what happened there??

Have they just written it of and I should forget about it? Or is there something more serious coming my way??

Thanks all.....

Can you not contact your branch or whoever you agreed the 15 Euro with to ask what is happening. In any case do not cease to pay the 15 Euro.

What do you mean by 15 Euro forever? Has the interest on the debt been stopped?

I hate to say this but my suspicions are as follows:
The bank have done what is known as a "debt-sale". They probably got about 25c in the € for your debt and wrote off the balance.
The collection agency you speak of has purchased your debt from AIB. They will now chase you for the debt. It is now legally assigned to them by the bank.
I would seriously doubt that the AIB will negotiate this debt with you anymore. It's not there's to negotiate. As far as they are concerned they are paid up and have written it off.
It is worth ringing AIB to find out who now owns the debt and when they sold it. It's also worth spending the €6 to check the impact on the ICB. www.icb.ie
All I can say about debt collection agencies is that they will keep coming for their money. Best to keep paying if you can at all. If you cannot make payments, try to negotiate. Best of luck.