Why is the EBS not chasing the mortgage shortfall?

Similar situation guys, house bought back in 2008, at only 19; young and silly. Mortgage defaulted in 2011 and in 2015 house was repossessed by EBS and sold. There was residual debt of over 200k and when I requested my credit report recently, it showed that payments were made for 9 months in 2016. I did not make any payment so wonder if EBS could be ‘faking’ payments in order to not let the 6 year statue of limitations kick in? Also, they are adding around €750 monthly to the balance owed. Can they do that? Thanks
 
The credit report shows number of months in arrears and for 9 months the arrears reduce to zero and then start to build again ie 1 month in arrears, 2 months in arrears etc. I suppose I am assuming that payments were made the months the arrears reduce back to zero..?
 
Not necessarily. They might have capitalised the arrears, or recalculated a repayment or something. It'd be very strange for them to repay your mortgage for you!
 
I thought maybe they might be making it look as if payments were made, in order to push out the statue barring.. Very dark I know! But cannot understand why else the debt is still on my icb report given that it’s been 8 years since last payment and 6 years from last contact
 
I recently spoke with MABS about our case. They informed me that while debt becomes statute barred after 6 years (and therefore not legally enforceable) it will stay on your credit history until paid or settled. That means unpaid debt in ireland follows you FOREVER and the banks have no incentive to proactively find a resolution. I am planning to talk to a PIP about potentially making an approach to EBS this year, but would be interested to hear if anyone has had success negotiating settlement with EBS on unsecured, residual debt?
 
J Hayes said:
I recently spoke with MABS about our case. They informed me that while debt becomes statute barred after 6 years (and therefore not legally enforceable) it will stay on your credit history until paid or settled. That means unpaid debt in ireland follows you FOREVER
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Are you sure? The Central Credit Register website says that information is only held for five years after transmission by the bank. Would EBS still be making new submissions on your loan anymore?


Credit information will be held on the Central Credit Register for a period of five years from the date a loan is paid off.
Credit performance information, such as outstanding balance and number of payments past due will be held on the Central Credit Register for a period of five years from when it was first submitted.
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'from the date a loan is paid off', meaning if the loan is not paid or a settlement arrangement reached, creditors will report to CCR indefinitely on a monthly basis, impairing your credit history. Even if the CCR only looks back 5 years, your profile will continue to be updated with negative credit info until the bank stop reporting the loan (something they have no incentive to do). In effect, there is no chance of a fresh start without negotiating with the Banks, and by doing so you always reset the clock on statue of limitations.

Happy to hear from anyone who has been informed to the contrary of course!

J.H
 
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