debt trouble advice please??

sarah lk

ok,
had a student account with boi took out a student loan of 2000 in oct 2003,went off travelling never payed.so i come back and my current account is overdrawn because the payments were not met.so now my case is gone to a company called cash flow services.so i oew boi money on the current account,don;'t know how much cause my mail goes to my old apt and cashflow services 2500+.just wondering any advice would they settle for less cause id never get it payed off by weeking a few euros every week thanks.or when does a debt go death{move outa the country!!!!come back}

Dave!

Why didn't you pay back the loan? Did you forget about it...?

Agent Smith

Your Best advice is To meet with your bank manager and approch this like an Adult.

do you have a Job?
Do you get a Grant?

This Debt will Haunt you for a good Part of your life,


good luck trying to get a morgage, when the time comes!

Ruu_Old

This is best suited for Investment/Markets/Money. Debt will follow you someway or another. Id sit down with the bank manager and sort it out now before you get in stuck.

nesf

Moved to one of my favourite forums....

Our man in Havana

BOI will settle for a very small amount as they will be glad to get any of their original 2k back. You should be able to settle that for €500 which to them would be a good result.

The next step will be for them to go to court to get a judgment and force you to pay. You will have to tell the judge how much you can afford to pay and you must then pay that amount each month/week, if you don't you could find yourself in prison.

Contact MABS for advice.

r3nu4l

Talk to the bank manager ASAP. Explain that yes you messed up but you would like to correct your mistakes and get on with your life. Make an appointment today.

Also, get your mail redirected to your new address. You should never let sensitive mail containing personal details go to another address.

Do you have any idea what people can do with your bank statement these days? Identitiy theft is the fastest growing financial crime in Europe and can mean serious problems for you in the future.

So, get all mail delivered to new address and talk to bank manager. The sooner the better. Sorting it now will save problems in the future providing you bank properly for a few years. Good luck

Hitchhiker's Guide to...

MABS are really good.

Re. debt - it 'dies' after six years in a different country, but i think it is fraudulent to not declare it. Once again, MABS will be of more help to you than we are.

You might be able to settle for a less amount if the debt has already been sold to a debt collection agency. These agencies buy the debt at something like 40c in the €. So, any offer you can give them above this, they will be able to make a profit on it.

If the debt has already been sold to a debt collection agency, then your bank cannot do anything about it (afaik). All you can do, by contacting them, is to get an explanation on your file as to why you didn't pay.

Unfortunately, by this time you are probably in Stubb's Gazette, which tracks non-paying debtors.

MABS know best!!

gbh

This is not really something you can ignore or hope will go away. Having a history of not paying off your debts will cause you a lot of trouble down the line should you ever want another loan of any kind of a mortgage. In fact you may always end up having to go with the most costly loan or mortgage company just because everyone else will be wary of you, and this will cost you many times more than the debt you owe now.

First thing you need to do is find a job, any job anywhere, even if its stacking shelves. Next you could get a loan from another bank to pay off the original one, and then pay off the new loan in time. If you saved 100 euro/week from job you'd have the loan paid off in six months. But most important is get a job first, worry about the loan second.