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Unsecured debt

  • 02-09-2013 3:00pm
    #1
    ponceprhea
    Banned (with Prison Access) Posts: 78 ✭✭


    When you have a unsecured debt such as a regular loan from a bank, what happens if it is not paid back?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    Regardless of the lack of security, they can register the default with the Irish Credit Bureau which means nobody else will lend you money and it will be on your credit record for five years.


  • #3
    ponceprhea
    Banned (with Prison Access) Posts: 78 ✭✭ponceprhea


    coylemj wrote: »
    Regardless of the lack of security, they can register the default with the Irish Credit Bureau which means nobody else will lend you money and it will be on your credit record for five years.

    So, does the debt get written off after 5 years?.

    If it does, then is your credit rating changed back to normal or is it affected for longer?


  • #4
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    The bank or their collectors can seek a judgement against you in court to recover the funds.

    And it will still appear on your ICB report for 5 years- even if it is written off.


  • #5
    ponceprhea
    Banned (with Prison Access) Posts: 78 ✭✭ponceprhea


    Pablo Sanchez wrote: »
    The bank or their collectors can seek a judgement against you in court to recover the funds.

    And it will still appear on your ICB report for 5 years- even if it is written off.

    What happens if you move abroad and you stop paying the debt?


  • #6
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    1) Go ask them

    2) Go read the charter.


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