Bank of Scotland

partyguinness

Basically, I refinanced with BOS in Oct 2007 for 19k (6.5% was the best rate around at the time). It was for 36 mts and the amount repayable plus interest was 21,500k (rounded figures for sake of argument).

I made 32 out of 36 payment up to July 2010 with no prob whatsoever, lost job (no redundancy and got married that Aug). MAde a conscious decision to use all my money for the wedding & Honeymoon and so I missed last 4 payments (Jul- Oct- circa 2,300k left)

I then wrote to BOS in October and explained the situation and that I wanted to pay back but with no work it would be awhile. They got back to me (eventually) in January and said pay 150e per month. Said great and made Jan & Feb. payments but then work went belly up again and only getting bits and pieces every since.

While 150e does not seem like a lot, I havent been able to make anymore payment. Just too tight.

BOS have never contacted me again (save a standard letter about operations ceasing). A friend of mine (Accountant) said that because I borrowed 19k and paid back 19.5k they have prob just written off the rest which is all interest and I should forget about it. All capital was repaid by me.

What do people in the know think about that?...load of rubbish or maybe some truth.

Cheers guys.

Ps....I do actually want to pay it back. I made an agreement and want to honour it and so doing just nothing doesnt sit well with me!! Just cant afford it at the moment and I cant just ring and ask has it been written off.

chris85

partyguinness wrote: »

Basically, I refinanced with BOS in Oct 2007 for 19k (6.5% was the best rate around at the time). It was for 36 mts and the amount repayable plus interest was 21,500k (rounded figures for sake of argument).

I made 32 out of 36 payment up to July 2010 with no prob whatsoever, lost job (no redundancy and got married that Aug). MAde a conscious decision to use all my money for the wedding & Honeymoon and so I missed last 4 payments (Jul- Oct- circa 2,300k left)

I then wrote to BOS in October and explained the situation and that I wanted to pay back but with no work it would be awhile. They got back to me (eventually) in January and said pay 150e per month. Said great and made Jan & Feb. payments but then work went belly up again and only getting bits and pieces every since.

While 150e does not seem like a lot, I havent been able to make anymore payment. Just too tight.

BOS have never contacted me again (save a standard letter about operations ceasing). A friend of mine (Accountant) said that because I borrowed 19k and paid back 19.5k they have prob just written off the rest which is all interest and I should forget about it. All capital was repaid by me.

What do people in the know think about that?...load of rubbish or maybe some truth.

Cheers guys.

Ps....I do actually want to pay it back. I made an agreement and want to honour it and so doing just nothing doesnt sit well with me!! Just cant afford it at the moment and I cant just ring and ask has it been written off.

Afaik there is a company called Certus who have been put in place to administer all aspects of the remaining loan book so they would deal with customer service/admin/recovery with a number of the BOS staff transferred there.

See link

http://www.certus.ie/index.jsp?p=103&n=121&a=32

Maybe give them a call if you want more info. I understand you may not want to go asking in case they start looking for money again. However bear in mind that they are within their right to come chasing at any later point (most case maximum of six years based on statute of limitations).

partyguinness

I certainly wont rest until its either paid off or six years are gone. If I had the money spare I would love to pay it off and be done with it.

chris85

partyguinness wrote: »

I certainly wont rest until its either paid off or six years are gone. If I had the money spare I would love to pay it off and be done with it.

The six years is basically from last payment so each time you make a payment it starts this six year clock again.

Hope you get sorted on it.