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credit card debt?

  • 01-05-2010 10:42pm
    #1
    mac123
    Registered Users, Registered Users 2 Posts: 709 ✭✭✭


    If you are unable to pay your credit card bill is the debt written off at some point? I have emigrated and I have an unpaid bill and im just wondering what the situation is? I do intend to pay it back as soon as I have the cash but I dont know when that will be so im just wondering where I stand on the issue?


Comments

  • #2
    macy9
    Closed Accounts Posts: 208 ✭✭macy9


    You do realise your bad credit rating follows you, regardless of what country you're living in.


  • #3
    dermot_sheehan
    Closed Accounts Posts: 2,062 ✭✭✭dermot_sheehan


    6 years is the statute of limitations period for debts


  • #4
    32minutes
    Registered Users, Registered Users 2 Posts: 123 ✭✭32minutes


    after approx 3-6 months (depending on your provider) the debt will be "written off", this does not mean that you do not owe it anymore or the situation is resolved.

    at this stage depending on the size of the debt, the bank may take legal action to pursue it, as stated statute of limitations on this appears to be 6 years. However even if they don't pursue you legally this again does not mean that you don't owe the money or the debt is forgotten.

    other than that the bank can employ debt collectors to pursue and annoy you. apart from that you will be registered with the irish credit bureau for a period up to seven years which would make it nigh on impossible to get any credit in ireland and possibly england. you can be taken off this list at the request of the bank usually after you pay back the sum, but they do not have to either.

    banks have long memories and even though you might forget it and they might even stop pursuing you actively, a record would be kept pretty much forever that you owe the money. but on a positive note this does mean that you can always repay it and the door is never really shut either.
    if you call your bank i'm sure they'll explain their own procedure to you, it's not confidential. best of luck with it though


  • #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    macy9 wrote: »
    You do realise your bad credit rating follows you, regardless of what country you're living in.

    Wrong Wrong Wrong :rolleyes:

    OP - paying it back when you come home won't matter a jot. You will still have a bad credit history.


  • #6
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,694 ✭✭✭✭drunkmonkey


    Call your local bank and do a deal with them, even if you pay them back 10 euro. Month until you can afford the rest, don't ignore the debt, hopefully it's not to late and you've still got a little time to sort it out.

    Do it first thing tommorow and get it over with!


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  • #7
    32minutes
    Registered Users, Registered Users 2 Posts: 123 ✭✭32minutes


    drunkmonkey wrote: »
    Call your local bank and do a deal with them, even if you pay them back 10 euro. Month until you can afford the rest, don't ignore the debt, hopefully it's not to late and you've still got a little time to sort it out.

    Do it first thing tommorow and get it over with!


    couldnt agree more.

    in terms of credit ratings it's worth saying that ireland doesnt have an advanced credit ratings system like england or the u.s.
    your either on the I.C.B. or not. the banks keep their own ratings system which as said stays forever but it's definitely repairable to a certain extent and is not necessarily ruined forever.


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