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How to get Written off Debt Removed from Credit Bureau

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  • 24-01-2011 8:51pm
    #1
    cheekyshiraz
    Closed Accounts Posts: 5 ✭


    Hi guys

    I have a old Credit card debt to MBNA going back to 2004, not sure what interest etc accumualted but the amount on the ICB stands at 4k. The debt was registered on the ICB in may 2008

    I am on the dole since last May when I returned from Australia after 3 years. I had no idea this had been written off as I never received the letters because I had been living in a number of different places since 2004. I burried my head in the sand at the time and forgot about it.

    I have 800 euro saved am considering offering this to MBNA if they would mark the debt as satisfied/settled on the ICB. Has anyone been in a similar situation and what would you think MBNA would settle for to mark this as settled on the ICB considering the wrote it off nealy 3 years ago and that I am on the dole?

    Thanks
    CS
    Tagged:


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    #2
    amdublin
    Registered Users Posts: 20,653 ✭✭✭✭amdublin


    Doubt it.

    The whole point of the icb is to show prospective creditors that you're a bad lending risk.


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    I would think they will need more than that to settle the debt but worth a shot.

    You are marked as write off at moment, coded "W" on ICB i think, so will be there for at least 5 year from time it was marked ao another few years on there at least.

    If they agree to settle it will still be listed on ICB as a loss to the bank but settled, coded "L" i think.

    Bear in mind that if they see you are back in the country and hear from you they may refuse your settlement offer and commence legal proceedings to obtain a judgment against you and go further from there.

    My advice would be offer them what you have and if not accepted be prepared to enter into a repayment plan with them.


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    #4
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    chris85 wrote: »
    I would think they will need more than that to settle the debt but worth a shot.

    You are marked as write off at moment, coded "W" on ICB i think, so will be there for at least 5 year from time it was marked ao another few years on there at least.

    If they agree to settle it will still be listed on ICB as a loss to the bank but settled, coded "L" i think.

    Bear in mind that if they see you are back in the country and hear from you they may refuse your settlement offer and commence legal proceedings to obtain a judgment against you and go further from there.

    My advice would be offer them what you have and if not accepted be prepared to enter into a repayment plan with them.


    I believe it is 6 years before it is expunged?


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    #5
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    cheekyshiraz wrote: »
    Hi guys

    I have a old Credit card debt to MBNA going back to 2004, not sure what interest etc accumualted but the amount on the ICB stands at 4k. The debt was registered on the ICB in may 2008

    I am on the dole since last May when I returned from Australia after 3 years. I had no idea this had been written off as I never received the letters because I had been living in a number of different places since 2004. I burried my head in the sand at the time and forgot about it.

    I have 800 euro saved am considering offering this to MBNA if they would mark the debt as satisfied/settled on the ICB. Has anyone been in a similar situation and what would you think MBNA would settle for to mark this as settled on the ICB considering the wrote it off nealy 3 years ago and that I am on the dole?

    Thanks
    CS

    The debt will stay on your history until 2014 and even if you settle up, although if you settle up it will be qualified with 'settled'.

    If you pay it off in full I think it is immediately expunged.


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    #6
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    kaiser sauze wrote: »
    I believe it is 6 years before it is expunged?

    Its either 5 or 7 years and think it depends on the debt. was saying at least 5 just to cover myself.

    Never heard of 6 years. Only thing i can think of for 6 years is statute of limitations which means the institution cant pursue the debt in the courts unless its been acknowledged within the past 6 years.


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    #7
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    chris85 wrote: »
    Its either 5 or 7 years and think it depends on the debt. was saying at least 5 just to cover myself.

    Never heard of 6 years. Only thing i can think of for 6 years is statute of limitations which means the institution cant pursue the debt in the courts unless its been acknowledged within the past 6 years.

    Yes, you're right about the statute of limitations, so that is likely my confusion.

    OP, change what I said to 2013, not 2014.


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    #8
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    F.Y.I. Statute of limitations 6 year period applies from the last date that the creditor tried to contact the debitor and not from the date that the debt was incured.


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    #9
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Kennie1 wrote: »
    F.Y.I. Statute of limitations 6 year period applies from the last date that the creditor tried to contact the debitor and not from the date that the debt was incured.

    Wrong. Its from when debt last acknowledged by debtor preferably in writing but email is a line of communication that could be used to show acknowledgement of debt but hasnt been used in a case where limitations has been questioned yet.


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    #10
    RachaelVO
    Registered Users Posts: 3,108 ✭✭✭RachaelVO


    No matter what happens it will remain there.

    Legally it takes 10 years for it to come off your ICB record. So depending on when it was written off will depend on when it's off your record.

    However after 6 years MBNA can no longer take legal action on collecting the money from you. They are not entitled to collect it now.


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    #11
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    chris85 wrote: »
    Its either 5 or 7 years and think it depends on the debt. was saying at least 5 just to cover myself.

    Never heard of 6 years. Only thing i can think of for 6 years is statute of limitations which means the institution cant pursue the debt in the courts unless its been acknowledged within the past 6 years.

    I read someone once, they the "clock" on statute of limitations stops if you were outside the jurisdiction of the courts, and the OP mentioned being abroad for a number of years.


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    #12
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    GerardKeating wrote: »
    I read someone once, they the "clock" on statute of limitations stops if you were outside the jurisdiction of the courts, and the OP mentioned being abroad for a number of years.

    Never heard of that myself. Clock also resets if the crefitor initiates legal proceedings with the court. This is done sometimes when statute of limitations is about to run out


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