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I'm so scared

  • 27-04-2008 11:12pm
    #1
    LegacyUser
    Registered Users, Registered Users 2 Posts: 166,026 ✭✭✭✭


    I've done something so silly. This is my first acknowledgment of it. I've ignored a crippling debt with my bank. I havent been getting the post because i have moved out, but when i went to pick up my post about six weeks ago there was a letter there saying they had started court proceedings :( what am i going to do?? I am so scared to ring them and tell them i will sort it because i am afraid they are going to tell me i have to go to Jail. will i get sent to jail for this ..
    the debt is under 10.000 ?
    Please be gentle with me and dont say why did i let it get this far because i really dont know.


Comments

  • #2
    hungryhippo
    Closed Accounts Posts: 78 ✭✭hungryhippo


    www.mabs.ie
    Do it today. There are thousands of people every year who find themselves in the same boat as you so don't worry. And it will be increasingly common in the next few months & possibly years.

    There are no debtors prisons in Ireland anymore. It's only money & the banks took a calculated risk on you. If you work with them, they will work with you.
    The worst thing you can do is ignore it and hope it will go away.


  • #3
    Marksie
    Closed Accounts Posts: 6,395 ✭✭✭Marksie


    This is one thing that isnt going to go away. Scared or not you are going to ahve to face it, if they have sent you a letter that they are starting proceedings then you simply have to do something about it.


    Explain that you havent had the post.
    use the mabs link above.

    But if you leave this longer the worse it gets


  • #4
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    I'm a regular on askaboutmoney.com and from what I've learnt there, no one goes to jail if they make a genuine effort to pay back their debt. Ignoring the problem will almost certainly result in jail!

    I used to have a bit of a credit card problem (company I worked for was unable to pay me for a few months - promised they would pay me the wages owed - went into liquidation) which took me a few years to sort out.

    Paying off debt requires patience, so accept you'll have the debt for a few years and try not to worry about it.

    1. Ring Mabs for advice.
    2. Contact the bank and talk to them about settling. Mabs might be able to make this phone call for you.
    3. Agree a monthly amount you will pay.
    4. Pay it.

    You'll be alright. Tackle the issue now and make sure you never get in debt again.


  • #5
    milkerman
    Closed Accounts Posts: 460 ✭✭milkerman


    Mabs are good.
    But first, TALK TO THE BANK!
    The bank will usually prefer to sort it out amicably and with least fuss. You should bend over backwards to try and clear this debt, otherwise you may never qualify for a loan or mortgage again.


  • #6
    Kelly O'Malley
    Closed Accounts Posts: 147 ✭✭Kelly O'Malley


    That hollow in the pit of your stomach is the worst isn't it.You will find however that as soon as you go to the bank and have spoken to them that feeling will go away.Honest!
    You'll feel as if a 10 ton weight has come off you just by facing it.:)


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  • #7
    brokensoul
    Registered Users, Registered Users 2 Posts: 932 ✭✭✭brokensoul


    This is some legal advice ( this may not be allowed so i apologise to admins if it isnt)

    Firstly, and most importantly, check if legal documents have been served on you. If you have consistantly ignored docs then it would be possible for the bank to get a judgement against you. This can have SEVERE implications in terms of additional costs and it is possible that they could seek an order to have you committed to jail. You must deal with it immediately

    However, these docs must usually be served by registered post so unless someone has signed for registered letter for you it probably has not gone that far. The letter is probably their final threat to issue proceeings. If this is the case, then they are a long way from sending you to jail, but if you continue to ignore them then that is eventually what will happen.

    The other thing to remember is that the bank have no interest in wasting time and money chasing you, so if you talk to them and come to an agreement to pay some money ( even a small amount) this will probably be enough to halt any further legal action by them.

    MABs are fantastic and you should contact them. But the first thing you have to do is figure out how far things have gone already and talk to the bank to stop then taking any further action.

    Sorry to sound alarmist but i deal with debt collection at work and i know that ignoring the issue will only make things worse


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