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Banks writing down Unsecured Debt ie Visa debt

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  • 03-05-2011 7:05am
    #1
    ronan45
    Registered Users Posts: 1,584 ✭✭✭


    Listened with interest to newstalk today about 6.50. a Chap from (the Irish debt assoc) ill listen to podcast again cant remeber his assoc name.
    If i got him right he says a lot of banks are doing deals on their Unsecured debt Ie your Visa bill. He said a lot of his members have got deals of up to a 50% reduction in the overall amount owed by people who have used hs members to broker deals with the banks.
    anyone any experience of this happening?


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    #2
    Cookie_Monster
    Registered Users Posts: 24,502 ✭✭✭✭Cookie_Monster


    hmmm... sounds like I should stop bothering to pay my CC bill so, get it reduced for free :)


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    #3
    dublin daz
    Registered Users Posts: 480 ✭✭dublin daz


    Would doing this not damage your credit rating? You would be lucky to get a loan again within the next 5 years.

    I know a bank did do this type of offer on car finance because they wanted quick settlements, I was offered a reduction but declined because the couple of hundred euro they would give me off wouldnt be worth being "blacklisted".


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    #4
    ronan45
    Registered Users Posts: 1,584 ✭✭✭ronan45


    well if your Credit rating is already wrecked Like mine i have nothing to loose :D


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    #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    When and if this happens it mainly happens to high interest unsecured debt such as credit cards. Especially some crowds like MBNA who are known to penalise you harshly when you get in trouble.

    Other unsecured debt like personal loans and so forth generally most of the institutions dont penalise with penalty interest on arrears and thus most of a balance is generally the principle of the debt. I am saying most dont but some do.

    It all depends how much of the debt is the principle amount. The bank wil be aware they will at least want to get this recovered.


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