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Debts and going to UK

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  • 03-08-2009 1:21pm
    #1
    frick
    Closed Accounts Posts: 1 ✭


    I have built up debts of about 10k. I have had bugger all luck getting a job that pays anything of late. My mate has arranged me a job on a IT helpdesk in London. It will pay the bills, but not much more. What is the odds of the bank following me to London for the money. Its not that i wont pay, but I cant breathe for the phonecalls and letters. They even asked my Ma to help me - She is off sick with stress and arthritis already. Heck, she is only my foster Ma. I have nothing to hold me here, i can only feel myself drowning here. Are there mechanisms in place for irish banks (I am with Allied) to recover debts in the UK ?

    Many thanks


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    #2
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,497 Mod ✭✭✭✭Cabaal


    Its a substantial amount so I'd say the chances are high, in addition they'd likely bring it further if you leave it outstanding and this could affect your credit rating if it goes to court.

    Running away from your debt is a bad idea,


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    #3
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    What's the point in moving away? Yeah you'll have a job, and you'll be able to pay the bills there, but you'll still have your debts here and they'll keep growing and certainly won't go away.

    You may not get the phone calls and letters, but your mother will.

    My advice is to stay here and just keep searching for a job.


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    #4
    hellboy99
    Registered Users Posts: 6,219 ✭✭✭hellboy99


    Have you gone to MABS for advice, have you gone into your bank and told them your situation and asked for it to be restructed to a payment you can afford to give them weekly/monthly ?


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    #5
    Morlar
    Closed Accounts Posts: 9,273 ✭✭✭Morlar


    I think you should talk to them about freezing the interest and putting together some sort of payment plan & then sticking to it. I would agree with the consensus here that running away from it is not an answer, you would just be burying your head further in the sand.


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    #6
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,497 Mod ✭✭✭✭Cabaal


    MagicMarker wrote: »
    My advice is to stay here and just keep searching for a job.

    If moving to UK means he gets a job then he should do this, but he should use money from this job to pay off his debts....makes alot more sense then staying in Ireland with no job


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    #7
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,497 Mod ✭✭✭✭Cabaal


    the worst thing you can do here is not talk to the bank you owe money to, everybody who deals with debt will tell you this, ignoring it will only make things worse.

    Given the way the country is most banks will be pretty ok with you as long as you have a logical sensible plan for paying things off


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    #8
    craichoe
    Closed Accounts Posts: 2,706 ✭✭✭craichoe


    frick wrote: »
    I have built up debts of about 10k. I have had bugger all luck getting a job that pays anything of late. My mate has arranged me a job on a IT helpdesk in London. It will pay the bills, but not much more. What is the odds of the bank following me to London for the money. Its not that i wont pay, but I cant breathe for the phonecalls and letters. They even asked my Ma to help me - She is off sick with stress and arthritis already. Heck, she is only my foster Ma. I have nothing to hold me here, i can only feel myself drowning here. Are there mechanisms in place for irish banks (I am with Allied) to recover debts in the UK ?

    Many thanks

    Debt is like herpes, you can get it to go away for a short time, but it will eventually come back.

    Mate of mine left a load of Debt in the UK and now as a result, 10 years later, he cant get a mortgage in Holland.


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    #9
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    Cabaal wrote: »
    If moving to UK means he gets a job then he should do this, but he should use money from this job to pay off his debts....makes alot more sense then staying in Ireland with no job
    If he said he would be earning enough to pay off his debt then of course I would agree. But he won't be. He just wants to get away from his debts and pretend they don't exist, which is not the way to go.


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    #10
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    Ring the bank and explain you have no money but are willing to pay X per month until you can afford to pay more.

    It is in the banks interest to keep an open dialog with you, and to come to some sort of arrangement to get their money back.

    You can then pay X amount per month, and eventually pay off the debt.

    I would advise you not to do a runner, as it could come back to haunt you some day, and it'll always be on the back of your mind...


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    #11
    eth0_
    Registered Users Posts: 10,846 ✭✭✭✭eth0_


    GROW UP, and deal with the mess you got YOURSELF into.
    It's very easy for you to flee to London and no doubt live it up there - and run up new debt - while your poor mother has to deal with phone calls from banks and debt collectors looking for you.

    Not to mention when you come back to Ireland you'll be financially screwed for running away from your debts.

    Even on the dole - and especially if you're living at home! - you can cover the payments on that loan. Stop looking for an easy exit out of your own self-inflicted debt.


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    #12
    jkmanc1974
    Registered Users Posts: 788 ✭✭✭jkmanc1974


    To the OP - ring the bank and they will be more than happy to work out some sort of plan(even if it is the bare minimum payment in the short term)......

    Brgds
    Johnny


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    #13
    eth0_
    Registered Users Posts: 10,846 ✭✭✭✭eth0_


    If the OP is unemployed atm it is unlikely the bank will restructure the loan.


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    #14
    slimjimmc
    Registered Users Posts: 7,786 ✭✭✭slimjimmc


    eth0_ wrote: »
    If the OP is unemployed atm it is unlikely the bank will restructure the loan.

    What option have they got? Unless he's got assets which the bank can pursue through the Courts they have no other hope of getting their money back. No?


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    #15
    Run_to_da_hills
    Closed Accounts Posts: 20,009 ✭✭✭✭Run_to_da_hills


    Cabaal wrote: »
    Its a substantial amount so I'd say the chances are high, in addition they'd likely bring it further if you leave it outstanding and this could affect your credit rating if it goes to court.

    Running away from your debt is a bad idea,
    Ten K is not a substantial amount of money compaired to a lot of people in this country during this present crisis.

    If he is unemployed he may be able to get a note from the dole office that he can show to the bank manager to save his credit rating also If he can arrange with the banks to spread it out over a long period of time to reduce the repayments it may help keep the wolf away from the door rather than trying to do a bunk

    You must also remember that it is the tax payers like the OP that is saving these guys asses.


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    #16
    hellboy99
    Registered Users Posts: 6,219 ✭✭✭hellboy99


    eth0_ wrote: »
    If the OP is unemployed atm it is unlikely the bank will restructure the loan.
    It's in the bank’s interest to restructure the loan, better some money than none.

    If the OP is awaiting job seekers allowance and had payment protection on the loan then he / her would have the repayments covered until receipt of the allowance. If already in receipt of benefit the OP should go to the bank and explain his / her situation and ask for a repayment restructure to be done.

    I would advise that the OP go to MABS first and get some advice and an assessment done of all debts, money coming in and going out and take this along to the bank. With this you are in a better position to have your bank help you as it shows them what you have, what you can afford and that you are trying to pay them back and not just ignore them and run away from the debt.


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