Loan settled not paid in full

danotroy

Hello,

I have been in serious financial trouble in regards to a loan in was in arrears in. I came to an agreement with my lender that I have just completed this week. I owed close to €20,000 and I have now received a letter from my lender stated that I have now paid my final payment in our settlement agreement. However the letter also informs that this account is now settled and NOT paid in full.

I still owe about €1,500. Where do I stand on this? Will the Lender continue to chase me for this amount or is the remaining amount written off and a put down as blotch on my credit rating. If I do pay back the remaining amount will my credit rating be restored and blotches removed from it.

I hope this post does not contravene rules on seeking financial advice. Just seeking the benefits of paying a loan in full or leaving the loan settlement paid.

coylemj

danotroy wrote: »

Will the Lender continue to chase me for this amount

No, they have written it off as a bad debt. You came to an agreement and you have fulfilled your part of it.

danotroy wrote: »

is the remaining amount written off and a put down as blotch on my credit rating

Yes, you can't expect to come out of this without some negative impact on your record.

danotroy wrote: »

If I do pay back the remaining amount will my credit rating be restored and blotches removed from it.

Open to correction on this but I would expect that they will change the record to say that you paid off the debt in full thereby removing the 'blotch' (your term) on your record.

danotroy

coylemj wrote: »

No, they have written it off as a bad debt. You came to an agreement and you have fulfilled your part of it.



Yes, you can't expect to come out of this without some negative impact on your record.



Open to correction on this but I would expect that they will change the record to say that you paid off the debt in full thereby removing the 'blotch' (your term) on your record.

Thanks for your reply. I do not intend to live in Ireland for at least the next 10 years. I have dual nationality with the States and a the option of a visa in Australia and a long term job here in London. Therefore this leads me to believe I should forget about this Bad Debt as my credit rating here in the UK is good.

I shall seek proper advice going forward though.

Trish56

You can check your credit rating online with www.icb.ie. If you went into arrears at any stage this will show up. Once loan is completed the history will stay on your credit rating for 5 years.

womandriver

danotroy wrote: »

Thanks for your reply. I do not intend to live in Ireland for at least the next 10 years. I have dual nationality with the States and a the option of a visa in Australia and a long term job here in London. Therefore this leads me to believe I should forget about this Bad Debt as my credit rating here in the UK is good.

I shall seek proper advice going forward though.

Thanks on behalf of the Irish tax payers who will be here for the next 10 years filling the hole in the balance sheets of Irish banks created by people like you who take out loans and can't be bothered paying them back. Enjoy your time abroad and come back when the rest of us have cleared up the mess.

danotroy

womandriver wrote: »

Thanks on behalf of the Irish tax payers who will be here for the next 10 years filling the hole in the balance sheets of Irish banks created by people like you who take out loans and can't be bothered paying them back. Enjoy your time abroad and come back when the rest of us have cleared up the mess.

Go on you good thing. You're a great bit of stuff.

For a bit of background I was 21 when I took out the loan I needed 10,000 to further my education as this country didn't offer the Masters I sought. The bank convinced me to take an extra 5,000 to pay for accommodation so I wouldn't have to struggle by working part time to keep my head above water. No background checks, no nothing. I refinanced to pay for a holiday and to pay off a debt I had with the credit union. The bank never questioned this and handed me an extra 5,000. The bank gave me the contact to take home and sign I signed the loan I never got a guarantor on it and I never returned the forms as I was reconsidering the loan. A few days later the extra money arrived in my account. I'm not a free man but I never signed for this loan I could of just walked away from it.

So if you're looking for a scape goat look no further than our lending institutions.

jacksie66

This post has been deleted.

womandriver

jacksie66 wrote: »

Get off your high horse fss. What about the bankers or politicians who ruined the country. You're here giving out about a person who owes about a grand. What about the **** ers who owe millions. Of course you won't give out about them. It's people like you who made me leave my home country. Get over yourself..

Ah sure none of us will pay anything we owe cos look at the bankers etc etc....

You left your home county, some us are here bailing out the banks who didn't get in to this mess without the help of people taking out loans they couldn't afford.

womandriver

danotroy wrote: »

Go on you good thing.

Now off you go in to the sunset to your long term job, with which you can't afford to repay less than €2k outstanding. Good man!

emo72

womandriver wrote: »

Thanks on behalf of the Irish tax payers who will be here for the next 10 years filling the hole in the balance sheets of Irish banks created by people like you who take out loans and can't be bothered paying them back. Enjoy your time abroad and come back when the rest of us have cleared up the mess.

Ah there's no need for that. You are being a wee bit harsh.

danotroy

womandriver wrote: »

Now off you go in to the sunset to your long term job, with which you can't afford to repay less than €2k outstanding. Good man!

Please see earlier email in relation to this I edited it. Sorry.

womandriver

danotroy wrote: »

Go on you good thing. You're a great bit of stuff.

For a bit of background I was 21 when I took out the loan I needed 10,000 to further my education as this country didn't offer the Masters I sought. The bank convinced me to take an extra 5,00 to pay for accommodation so I wouldn't have to struggle by working part time to keep my head above water. No background checks, no nothing. I refinanced to pay for a holiday and to pay off a debt I had with the credit union. The bank never questioned this and handed me an extra 5,000. The bank gave me the contact to take home and sign I signed the loan I never got a guarantor on it and I never returned the forms as I was reconsidering the loan. A few days later the extra money arrived in my account. I'm not a free man but I never signed for this loan I could of just walked away from it.

So if you're looking for a scape goat look no further than our lending institutions.

You refinanced for a holiday, oh yes it's all the bank's fault!!

I completed 5 years of college. Also had a loan and no guarantor but I worked part time at college and every holiday and summer and paid it back in full.

Lots of people do.

jacksie66

This post has been deleted.

danotroy

womandriver wrote: »

You refinanced for a holiday, oh yes it's all the bank's fault!!

I'm not a banker but I sure as hell wouldn't let a 21 year old person who has 18 months left in education top up a loan he hadn't been making repayments on to the tune of 5,000 for a holiday. And then subsequently approve the loan with the person signing for it.

It's madness.

womandriver

danotroy wrote: »

I'm not a banker but I sure as hell wouldn't let a 21 year old person who has 18 months left in education top up a loan he hadn't been making repayments on to the tune of 5,000 for a holiday. And then subsequently approve the loan with the person signing for it.

It's madness.

You knew it was a bad idea but yet you took the loan anyway and spent it.

womandriver

jacksie66 wrote: »

What about the speculative property developers or the European banks. Irish common folk didn't cause this problem. The dirty scumbag people in power did. The sooner you lot realise the better. Maybe you wouldn't bend over and take the water charges and other cap up the arse willingly.

Does that make it alright for everyone else to not bother paying their loans?

Plenty common Irish folk over borrowed and are now not able to/refusing to repay.

They alone may not have caused the full extent of the damage but they certainly deserve their share of blame. Personal responsibility had gone out the window in this country. Somehow banks forced loans on people who didn't want them...

Canis Lupus

danotroy wrote: »

I'm not a banker but I sure as hell wouldn't let a 21 year old person who has 18 months left in education top up a loan he hadn't been making repayments on to the tune of 5,000 for a holiday. And then subsequently approve the loan with the person signing for it.

It's madness.

Seriously... stop blaming others for your own financial ineptitude and stop trying to shift the blame either. You've an outstanding debt, if you can walk away from it then.... whatever...... but don't try to f*cking play the victim....

danotroy

Canis Lupus wrote: »

Seriously... stop blaming others for your own financial ineptitude and stop trying to shift the blame either. You've an outstanding debt, if you can walk away from it then.... whatever...... but don't try to f*cking play the victim....

I'm not playing any victim. I've paid back the majority of my loan. I never signed for this loan. On advice from the money lending service I was advised to walk away from the loan. Even the debt collector who contacted me was aghast that this had occurred.

I have a clear conscience.

glic71rods46t0

danotroy wrote: »

I'm not playing any victim. I've paid back the majority of my loan. I never signed for this loan. On advice from the money lending service I was advised to walk away from the loan. Even the debt collector who contacted me was aghast that this had occurred.

I have a clear conscience.

A clear conscience but not a clear credit record - which is what you came on here querying.
The part that is missing in your posts is "personal responsibility". Decent honourable people have this.

danotroy

5a1ybivlmeg37w wrote: »

A clear conscience but not a clear credit record - which is what you came on here querying.
The part that is missing in your posts is "personal responsibility". Decent honourable people have this.

Decent honourable people. The country is full of them. Law abiding citizens. No wonder there has not been any change. I went for a job interview a few months back in Dublin where I was asked what family do you have working in the field. I didnt get the job. Parochial, insular society at the upper echelons.

Toots

Guys this has gone off topic and descended into an argument. The OP asked could he be pursued for the remaining €1500 and if there would be a 'blotch' on his credit rating. Please keep answers relevant to this question. The morality of the situation is not being questioned here.

danotroy

Sorry to drag this off topic. Thank you for your answers.