Young and stupid!

StormRider

Here's a strange question about the strange scenario that I find myself in...

About 10 years ago, when I was a very young gal and very stupid, I took a rather large bank loan (compared to my earnings at the time) from one of the major Irish banks. Sometime into my repayments, I fell on hard times and began to find it difficult to keep up payments on the loan. Eventually I fell behind, and a little while later, I changed address. As things were extremely difficult at the time, I stopped making payments on the loan. As time passed, every day I expected to get a phonecall from the bank in question enquiring why I stopped making payments on the loan but that phone call never came, and a lot of time passed. Its possible that the bank had tried to contact me at the old address, because I never updated my records when I moved to try "buy some time" and get my finances back in shape but the bank definitely had my phone number on record and I find it very strange that their credit management people never made contact.

Here I am, 10 years later, and again falling on hard times, finding myself re-visiting this and asking what the hell is ever going to happen with it. Am I going to one day get slapped with a charge of the loan amount with 10 years of interest added.

I do somewhat blame the bank for this situation, giving such a large loan to such a young gal without asking for a guaranteur or security, but hey, its my problem at the end of the day.

What do banks generally do in these types of situations, am I best to come clean?

BankMan

It was probably written off by the bank some years ago. Have you had any problems obtaining credit since? Anyway, in order to check your history go to http://www.icb.ie/ - make sure you run searches under previous addresses. Then you'll know! :cool:

Toots

As BankMan said, it was probably written off by the bank. Just to clarify, are you in arrears on another loan at the moment, or are you just worried that they'll come after you for payment on the old one?

StormRider

Thanks for the replies guys.

To answer your questions:
- No I haven't had any problems getting credit since, but its only in the last 2-3 years that I actually applied for credit. I didn't make any applications for credit in the years directly after that experience

- No I am not in arrears in any other loans right now, it was just this one that's concerning me right now. I recently got laid off and definitely wouldn't be able to take on payments of this loan if they were to come after me.

I guess I was thinking with the state of the economy and all of that, they might start re-visiting old cases to see where they could reel in a few payments

stepbar

StormRider wrote: »

Here's a strange question about the strange scenario that I find myself in...

About 10 years ago, when I was a very young gal and very stupid, I took a rather large bank loan (compared to my earnings at the time) from one of the major Irish banks. Sometime into my repayments, I fell on hard times and began to find it difficult to keep up payments on the loan. Eventually I fell behind, and a little while later, I changed address. As things were extremely difficult at the time, I stopped making payments on the loan. As time passed, every day I expected to get a phonecall from the bank in question enquiring why I stopped making payments on the loan but that phone call never came, and a lot of time passed. Its possible that the bank had tried to contact me at the old address, because I never updated my records when I moved to try "buy some time" and get my finances back in shape but the bank definitely had my phone number on record and I find it very strange that their credit management people never made contact.

Here I am, 10 years later, and again falling on hard times, finding myself re-visiting this and asking what the hell is ever going to happen with it. Am I going to one day get slapped with a charge of the loan amount with 10 years of interest added.

I do somewhat blame the bank for this situation, giving such a large loan to such a young gal without asking for a guaranteur or security, but hey, its my problem at the end of the day.

What do banks generally do in these types of situations, am I best to come clean?

You blame the bank for not asking for a guarantor? So you could dump your debt on someone else :rolleyes: Well surely you were big and bold enough to take some responsibility for your own finances at the time?

Anyhow forget about it. It's not coming back.

r_obric

StormRider wrote: »

Here's a strange question about the strange scenario that I find myself in...

About 10 years ago, when I was a very young gal and very stupid, I took a rather large bank loan (compared to my earnings at the time) from one of the major Irish banks. Sometime into my repayments, I fell on hard times and began to find it difficult to keep up payments on the loan. Eventually I fell behind, and a little while later, I changed address. As things were extremely difficult at the time, I stopped making payments on the loan. As time passed, every day I expected to get a phonecall from the bank in question enquiring why I stopped making payments on the loan but that phone call never came, and a lot of time passed. Its possible that the bank had tried to contact me at the old address, because I never updated my records when I moved to try "buy some time" and get my finances back in shape but the bank definitely had my phone number on record and I find it very strange that their credit management people never made contact.

Here I am, 10 years later, and again falling on hard times, finding myself re-visiting this and asking what the hell is ever going to happen with it. Am I going to one day get slapped with a charge of the loan amount with 10 years of interest added.

I do somewhat blame the bank for this situation, giving such a large loan to such a young gal without asking for a guaranteur or security, but hey, its my problem at the end of the day.

What do banks generally do in these types of situations, am I best to come clean?

isnt that what every property developer in the country is saying? and look who is paying for that.....

Toots

Guys, lets keep this on topic. If you haven't got anything helpful to add, please don't bother posting.

purple_rain

Um, hope my question fits into this thread, it's the closest to what I'm looking for and I don't want to open a new one just for this. And anyway, since I strongly relate to the "Young and stupid!" description, I'll continue here..

Here's the deal: last year I spent a couple of months in Dublin (not an Irish gal myself), it didn't work out and I left with an unpaid electricity bill and no €€€ left on my bank account (with BOI).
Now I'm thinking of returning to Ireland, give it another try (:)) aaaannnnd.. I'm quite worried about the above situation - will I be sought after by the bank or ESB? And I'm a bit surprised, too, no one has tried contacting me, since they do have a copy of my passport (with all my details)..

Any ideas what could I do about it? Show up, sincerely apologize and offer to pay?

Davy

Had you given esb a deposit? Boi probably rejected the payment from esb so it would be esb that are at a loss.

purple_rain

No, no deposits were made..

Still, I'm at a loss what do to about it, if I ever return to Ireland?
Or do I let it be, leave it for a couple of years and let it become nullified (or however is that called?)?