Cant open account bad credit history

aindriu80

hi,

I tried to open a account for my company with Ulster bank recently and they got back to me and said that I a bad credit check and couldn't open the account. I think there is a credit card or 2 that I didn't pay on my list. This was a few years ago now and I didnt see to the bills coming in through the door. I don't know if I can realistically pay if they still charge interest on the credit card.

Do you know what my options are to deal with the credit card ? I could pay the face value of the limit straight away but if they continue to charge interest it would be crippling and I could never expect to pay off a sky high interest rate. Do they ever clear credit card bills after a number of years ?

merlie

You're best bet would probably to go to MABS and get it sorted out. Paying off the minimum amount per month is not sufficient enough, to ward off the ever increasing amount. You are doing yourself no favours.

Go to a branch of MABS and have a chat with them and explain your situation..they in turn will contact your credit card company and see what can be done. It would be best to do this as early as possible as things like these can rocket out of control

http://www.mabs.ie/

chris85

aindriu80 wrote: »

hi,

I tried to open a account for my company with Ulster bank recently and they got back to me and said that I a bad credit check and couldn't open the account. I think there is a credit card or 2 that I didn't pay on my list. This was a few years ago now and I didnt see to the bills coming in through the door. I don't know if I can realistically pay if they still charge interest on the credit card.

Do you know what my options are to deal with the credit card ? I could pay the face value of the limit straight away but if they continue to charge interest it would be crippling and I could never expect to pay off a sky high interest rate. Do they ever clear credit card bills after a number of years ?

You would have got many notices about it to pay. Did you pay any notice to these? you say you didnt see a bill coming through and thats it but the bank would have made further attempts to contact you.

Banks make nothing really on current accounts and generally make their money on other products like loans, cards and deposits and if you have bad history they cant offer credit and make less money.

Sort your debts out and go back and apply again?

aindriu80

thanks very much merile, i see they only work Monday to Friday so I will call back again Monday. Its a bit late now not to worry about the card spiralling out of control but hopefully they can sort something out.

Yes I will have to sort them out to apply again. The bank said they wanted it to be cleared up with the other banks in order to proceed. So at the moment they will just not progress with my bank account for my limited company. I do have a visa card and current account but not a company account.

i did get a few notices to pay immediately when I missed them at the start then I moved twice and forgot about them. Its only recently that I have tried to open an account.

The worst thing for me is to stay on the black list for all future loans,accounts,cards etc.

themadchef

aindriu80 wrote: »

thanks very much merile, i see they only work Monday to Friday so I will call back again Monday. Its a bit late now not to worry about the card spiralling out of control but hopefully they can sort something out.

Yes I will have to sort them out to apply again. The bank said they wanted it to be cleared up with the other banks in order to proceed. So at the moment they will just not progress with my bank account for my limited company. I do have a visa card and current account but not a company account.

i did get a few notices to pay immediately when I missed them at the start then I moved twice and forgot about them. Its only recently that I have tried to open an account.

The worst thing for me is to stay on the black list for all future loans,accounts,cards etc.

Jesus wept.

You moved twice, knew the CC bills were left behind and didint think for a minute that it would effect your credit rating down the road? If you were a bank, would you let this guy do business with you?

As for what you can do. Make contact with your lenders (the CC comapnies that is) and try to sort out a payment. Maybe they will write a letter down the road or make an note on your credit report saying you are attempting to honour your debts.

aindriu80

Yes I know. Well I got on the phone today and either MABS or the consumer agency told me that if I changed address and they stopped contacting me after a period of 6 years the credit bill is defunct or there abouts. That's a long time.

They also told me paying it off has no bearing on what the bank may do. So they may chose not to open an account after all. I will have to wait until Friday and see whats in the post from the ICB.ie and phone up the credit card companies. If they charged me interest for years afterwards it would be cruel.

chris85

aindriu80 wrote: »

Yes I know. Well I got on the phone today and either MABS or the consumer agency told me that if I changed address and they stopped contacting me after a period of 6 years the credit bill is defunct or there abouts. That's a long time.

They also told me paying it off has no bearing on what the bank may do. So they may chose not to open an account after all. I will have to wait until Friday and see whats in the post from the ICB.ie and phone up the credit card companies. If they charged me interest for years afterwards it would be cruel.

Not truely accurate. After six years they cannot pursue the debt through the courts but it does not render the debt invalid. Would be off the ICB after 5 years but the bank itself will remember further.

They will have charged interest on it since and rightly so. You did not pay and they are entitled to charge for this.

I would say either way step up and pay your bills.

stepbar

aindriu80 wrote: »

thanks very much merile, i see they only work Monday to Friday so I will call back again Monday. Its a bit late now not to worry about the card spiralling out of control but hopefully they can sort something out.

Yes I will have to sort them out to apply again. The bank said they wanted it to be cleared up with the other banks in order to proceed. So at the moment they will just not progress with my bank account for my limited company. I do have a visa card and current account but not a company account.

i did get a few notices to pay immediately when I missed them at the start then I moved twice and forgot about them. Its only recently that I have tried to open an account.

The worst thing for me is to stay on the black list for all future loans,accounts,cards etc.

It doesn't sound like you're too perplexed about the issue. It sounds like that you "conveniently" forgot about the notices and are now "conveniently" remembering about same now that you need something from the bank. With the greatest of respect, no one forgets about a credit card bill unless same person wants to.

Jim2007

chris85 wrote: »

Not truely accurate. After six years they cannot pursue the debt through the courts but it does not render the debt invalid.

Also not exactly accurate! The claim becomes statute barred after six years of inactivity. The fact that the bank continued to peruse it and the fact that the OP recently discussed it with the bank is enough to keep it within the statue 6 years!

Jim2007

chris85

Jim2007 wrote: »

Also not exactly accurate! The claim becomes statute barred after six years of inactivity. The fact that the bank continued to peruse it and the fact that the OP recently discussed it with the bank is enough to keep it within the statue 6 years!

Jim2007

Its six years from the last acknowledgement of the debt by the OP. The bank can send letters all they want but if the OP has not acknowledged the debt (usually by means of a payment or a letter of offer of payment as long as it acknowledges the debt) in six years it is statute barred.

Dempo1

chris85 wrote: »

You would have got many notices about it to pay. Did you pay any notice to these? you say you didnt see a bill coming through and thats it but the bank would have made further attempts to contact you.

Banks make nothing really on current accounts and generally make their money on other products like loans, cards and deposits and if you have bad history they cant offer credit and make less money.

Sort your debts out and go back and apply again?

Sadly, easier said than done. Not wishing to get into the nitty gritty of the OP's problems, the reality of life is the need for a bank account. I faced a similar and bizarre situation with Ulster Bank over a year ago, so promptly went to NIB and have not looked back since, in fact I opened the NIB account fully on line. A lot of people (over 100k) faced the dilemma of finding a new bank when the brilliant Post Bank closed. Most of the retail banks just did not want to know.

chris85

Dempo1 wrote: »

Sadly, easier said than done. Not wishing to get into the nitty gritty of the OP's problems, the reality of life is the need for a bank account. I faced a similar and bizarre situation with Ulster Bank over a year ago, so promptly went to NIB and have not looked back since, in fact I opened the NIB account fully on line. A lot of people (over 100k) faced the dilemma of finding a new bank when the brilliant Post Bank closed. Most of the retail banks just did not want to know.

I dont understand the easier said than done mentality. All in the head. The fact is the OP spent money on the credit card and its excuses that moving house and whatever that it got overlooked. The card would have been in the wallet and i am sure some thought was given to it and just got swept aside.

We may hate the banks but why should they do business with someone who has bad credit record as they will not make money off the current account and cant avail of credit facilities.