help - what to do about my debt

iheartcandy

hi there i really hope someone can help me.

i was working in a bank until march '09. the bank fired me because i was regularly getting tonsilitis and i had to take too much time off work.
after that i couldnt pay rent and had no income so i had to stay on friends couches. i eventually got social welfare and a place to live. i went back to college in september so the social welfare payments stopped. i havent been able to get a part-time job. my mum gives me what she can which at the moment is 120 a week and pays my rent. she is unaware of the debt though.

i haven't made a repayment since last march. i cant believe its nearly a year already. until i lost my job i made every repayment and i was significantly reducing my debt. now i owe 1700 overdraught, 1600 loan, 1500 creditcard. then also 700 creditcard to another bank so about 5500 debt all together. i havent used any of these facilities in the last year they are just adding on interest all the time.

All the post from the banks goes to the apartment i had to leave when i lost my job so i have no idea where i stand as i havent got the letters. i have had messages on my phone from a debt collector company in the uk? is that right because the banks i used were both irish.

where do i stand and what should i do? does anyone know?
thank you for reading

Rb

Have you contacted the bank that you owe the money to? At all?

When was the last time you paid it? Why can't you pay it when you're getting 120 per week and your rent paid?

_blank_

Moving from Dublin City

Banking, under the Personal subforum of Biz seems the best fit

Speculator

iheartcandy wrote: »

hi there i really hope someone can help me.

i was working in a bank until march '09. the bank fired me because i was regularly getting tonsilitis and i had to take too much time off work.
after that i couldnt pay rent and had no income so i had to stay on friends couches. i eventually got social welfare and a place to live. i went back to college in september so the social welfare payments stopped. i havent been able to get a part-time job. my mum gives me what she can which at the moment is 120 a week and pays my rent. she is unaware of the debt though.

i haven't made a repayment since last march. i cant believe its nearly a year already. until i lost my job i made every repayment and i was significantly reducing my debt. now i owe 1700 overdraught, 1600 loan, 1500 creditcard. then also 700 creditcard to another bank so about 5500 debt all together. i havent used any of these facilities in the last year they are just adding on interest all the time.

All the post from the banks goes to the apartment i had to leave when i lost my job so i have no idea where i stand as i havent got the letters. i have had messages on my phone from a debt collector company in the uk? is that right because the banks i used were both irish.

where do i stand and what should i do? does anyone know?
thank you for reading

Get in touch with mabs.ie

Toots

+1 to getting in touch with MABS, also change your address with the banks so that you're getting correspondence, the worst thing you can do in this situation is bury your head in the sand. MABS will hopefully be able to help you negotiate some sort of payment plan.

hinault

iheartcandy wrote: »

hi there i really hope someone can help me.

i was working in a bank until march '09. the bank fired me because i was regularly getting tonsilitis and i had to take too much time off work.
after that i couldnt pay rent and had no income so i had to stay on friends couches. i eventually got social welfare and a place to live. i went back to college in september so the social welfare payments stopped. i havent been able to get a part-time job. my mum gives me what she can which at the moment is 120 a week and pays my rent. she is unaware of the debt though.

i haven't made a repayment since last march. i cant believe its nearly a year already. until i lost my job i made every repayment and i was significantly reducing my debt. now i owe 1700 overdraught, 1600 loan, 1500 creditcard. then also 700 creditcard to another bank so about 5500 debt all together. i havent used any of these facilities in the last year they are just adding on interest all the time.

All the post from the banks goes to the apartment i had to leave when i lost my job so i have no idea where i stand as i havent got the letters. i have had messages on my phone from a debt collector company in the uk? is that right because the banks i used were both irish.

where do i stand and what should i do? does anyone know?
thank you for reading

Sorry to read about your troubles.

As others have said - contact the MABS.
They're excellent at representing people but you need to get down to them immediately.
There is a backlog at MABS at the moment so they're under pressure with a lot of people seeking appointments.

You might want to consider contacting the companies that you owe money, yourself.

You probably feel that by avoiding them that your problems will eventually go away.
That is a natural thing to do.
However, ignoring those loans isn't a solution.
But you need to tell the institutions that you borrowed from, about your circumstances.

You may find that the credit institutions will come to an arrangement to help you clear your debt with them.

The thing is to stay positive and to be honest with the companies that you're dealing with.
This may be of little comfort but all of the lending institutions have loads of customers who cannot repay what they have borrowed,
So don't be afraid to put your cards on the table with them.

chris85

I would advise to go to mabs also. Also write to all creditors and advise of them of the situation and advise them you are seeking help from mabs. A phone call to all them advising the letter on the way would be helpful. keep in touch with them.

Burying the head just doesnt work. They wont go away.

Also in your letter request interest and charges to be suspended. MABS will sort this out anyways usually.

Rb

I'd also tell your mother about your problems immediately, it's pretty clear you're not mature or responsible enough to deal with this by yourself and you've probably driven your credit rating straight into the ground, so best off consulting some adults you can trust.