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debt written off or not?

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  • 25-11-2013 10:56pm
    #1
    bonbon86
    Registered Users Posts: 5 ✭


    Hey guys, Just got my credit report today and just wondering could somebody tell me what ELEMENT WRITTEN OFF means? Does this mean my debt if written off or does it mean its being passed on? TIA
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    #2
    bonbon86
    Registered Users Posts: 5 ✭bonbon86


    Can someone tell me if element written off on my credit report means my debt is written off? If not what does it mean? Thanks.


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    #3
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Surely you should know? If you had the debt and never paid it then maybe?

    Contact the bank with whom you had loans for and find out.


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    #4
    bonbon86
    Registered Users Posts: 5 ✭bonbon86


    unclebill98 wrote: »
    Surely you should know? If you had the debt and never paid it then maybe?

    Contact the bank with whom you had loans for and find out.

    I wish I did know lol. Short and simple, basically I stopped paying the bank 9 months ago, had a fair rant at them and haven't heard from them in 6 months now. Its an on going battle with the bank since 2010. And now no threatening letters or anything anymore and I dont want to contact the bank incase it kicks it all off again. And im just trying to figure now does the element written off on my credit report mean debt is gone, or sold on. And I cant seem to get info anywhere.


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    #5
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Well thats what I meant. You failed to give that info in your OP. Head out of the sand time and ring them. Simples. It could mean they have, they could have sold it on to debt collection agency. Only they can really tell you what is going on.


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    #6
    roxybing
    Registered Users Posts: 52 ✭✭roxybing


    Written Off - banks write off debt that are noncollectable (such as a loan or a credit card due that is in default), removing it from their balance sheets.

    You still remain liable for the balance outstanding. They will still collect on the balance and may sell it to a third party collection agent if they wish.


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    #7
    Liam D Ferguson
    Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    Don't know if this is an issue for you but if you're looking for any kind of mortgage in the next few years, this will count as a big black mark against you. The ICB will hold this record open until 5 years after you have cleared off any arrears.


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    #8
    bonbon86
    Registered Users Posts: 5 ✭bonbon86


    Liam D Ferguson wrote: »
    Don't know if this is an issue for you but if you're looking for any kind of mortgage in the next few years, this will count as a big black mark against you. The ICB will hold this record open until 5 years after you have cleared off any arrears.

    I must say this is te part that really confuses me the most. My credit report says it will be removed from my file November 2014. I thought that it takes 5 yrs to come off your report from the time you've either paid it off or from the time you stop paying it. It says I got the loan in 2008, entered their system as last balance date November 2010 then scheduled removal date November 2014. There doesn't seem to be much detailed info anywhere about icb reports.


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