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Ulster Bank closing the shutters

  • 31-12-2021 7:41pm
    #1
    Aint Eazy Being Cheezy
    Registered Users, Registered Users 2 Posts: 4,632 ✭✭✭


    What happens to their personal loan book & credit cards?


    So I’ve read all the articles about PTSB & AIB buying up the mortgages and commercial loans. But there’s radio silence when it comes to the smaller stuff such as the unsecured personal loans and credit card debts. I’ve got both. It’s in the back of my mind that they could have it buried in the T&Cs that they can recall this early, or maybe not.


    Anyone more knowledgeable hazard a guess as to what happens those? I’d like to have a plan in place in case I get saddled with a couple of grand of a bill in June or July 🤨



Comments

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


    Unless you breach the terms of the loan, I cannot imagine any circumstances where they would 'call in' the loan i.e. demand that you clear the balance. And if they try it, they will end up with a mountain of bad debt.

    Provident pulled out of the Irish market in 2021 and wrote off their loans but I think a lot of their business was door to door meaning that the cost of recouping the outstanding loans made no economic sense so they just walked away. It's unlikely that Ulster Bank will do the same, more likely they will manage out the Irish portfolio of loans from the UK.

    Charlie Weston is the personal finance correspondent in the Indo, I'd say he'd have the current position. Tweet him and he'll reply.



  • #3
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,610 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/2058225224/ulster-bank-closing-the-shutters

    Well you are talking about different financial products here so there are not generic answers. Start by reading the T&Cs so you are familiar with your rights rather than relying on memory or heresy.

    • I would expect that personal loans will be bundled up in some manor and sold of to a third party.
    • Overdrafts are on demand and there is a requirement that accounts are in a credit for a given period each year, so I'd expect they will crystallise and become payable on demand
    • Credit cards are difficult to say as there can be three parties involved: the issuer/franchise, the underwriter and the bank. Most are likely to be offered the same terms, but some may be offered restricted terms or be refused.

    My advice is to get your stuff sorted out earlier rather than later. Remember the only rights you have is to a basic payment account, all other products are at the discretion of the banks. And some people may find it difficult to find banks will to take them on depending on their previous situation.



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