Credit Card Debt

sam27

My friend informed me other day that he has Credit Card Debt of over €3,000 from back in 2003 and has paid nothing off it since then. He received a phone call from them in 2007 asking for €1,500 in full and final settlement. He refused as he was broke.

Why haven't they followed up with him in over four years? Would they have written it off? What is the time period where they don't make any contact and cant pursue after certain amount of time?

He recently applied for another Credit Card with a different company and was approved!!!

chris85

sam27 wrote: »

My friend informed me other day that he has Credit Card Debt of over €3,000 from back in 2003 and has paid nothing off it since then. He received a phone call from them in 2007 asking for €1,500 in full and final settlement. He refused as he was broke.

Why haven't they followed up with him in over four years? Would they have written it off? What is the time period where they don't make any contact and cant pursue after certain amount of time?

He recently applied for another Credit Card with a different company and was approved!!!

They can pursue the matter at any time in the future. However they have no entitlement to pursue through the courts if after six year from last payment (or last acknowledgement of the debt to be more exact). This is the staute of limitations.

This is different if the bank previously have a judgement against your friend. Then they could proceed further through the courts for up to 12 years.

He may have got approved for other CC as only stays on ICB for six years.

rainbowtrout

He could also have changed address and contact number since then and perhaps they were trying to contact him but were unable to.

darleschickens

I had a credit card balance of over €2,000. Loads of missed payments and interest I contacted the company and told them I could not pay it as opposed to Would not pay it. They asked me all the usual questions, ie income verses outgoings etc (I'm curently unemployed) and over the phone they agreed to accept €1 per month as a way to pay off the debt. Yes, it will take me in excess of 181 years to repay the debt... This avoids the debt being sold off to a third party for collection and also they will never register me as s defaulter nor will they put a black mark against me on the ICB. Also, they will no longer add on extra interest nor late payment fees. I will NEVER get credit from THEM but that does not bother me.

coylemj

darleschickens wrote: »

I had a credit card balance of over €2,000. Loads of missed payments and interest I contacted the company and told them I could not pay it as opposed to Would not pay it. They asked me all the usual questions, ie income verses outgoings etc (I'm curently unemployed) and over the phone they agreed to accept €1 per month as a way to pay off the debt. Yes, it will take me in excess of 181 years to repay the debt... This avoids the debt being sold off to a third party for collection and also they will never register me as s defaulter nor will they put a black mark against me on the ICB. Also, they will no longer add on extra interest nor late payment fees. I will NEVER get credit from THEM but that does not bother me.

You registered on boards to tell us that BS? There is no way in hell that any financial institution would accept a payment schedule of €1 per month for a debt of €2,000. It would cost them more in administration to monitor the a/c than the €12 p.a. they would collect from you so in your situation they would probably write you off as a lost cause.

I'm sorry but I don't believe a word you're saying.

KoolKid

darleschickens wrote: »

I had a credit card balance of over €2,000. Loads of missed payments and interest

darleschickens wrote: »

they will never register me as s defaulter nor will they put a black mark against me on the ICB.

darleschickens wrote: »

I will NEVER get credit from THEM but that does not bother me.

Do you not think you are contradicting yourself here...??

I agree with coylemj here, total bumbh....

BuffyBot

Please do not pull up old threads.