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credit card debt

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  • 16-11-2012 1:52am
    #1
    kayevajo
    Registered Users Posts: 241 ✭✭


    I have 5500k owed on my aib cc. got a letter to ring them. left it on long finger but rang em today.
    told me I have missed last 3 minimum payments. and said I'll get bad credit waiting if I miss anymore.

    is there anything I can do to stop this? I pay them , from a standing order , € 100 a month.

    I asked girl on phone can we negotiate anyway at all n she said not really.

    any advice would be most welcome.

    thanks.


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    #2
    Unregistered.
    Registered Users Posts: 3,532 ✭✭✭Unregistered.


    kayevajo wrote: »
    is there anything I can do to stop this?


    Pay off what you owe.


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    #3
    Xavi6
    Registered Users Posts: 40,867 ✭✭✭✭Xavi6


    Well it was pretty silly to leave something like this on the long finger, the more payments you miss the worse it is (obviously).

    What's your minimum payment? The AIB site suggests it's 3% or min €6.35 so surely your standing order of €100 would cover that? Or has that not been going through?

    Either way, you should pay those three minimums you've missed at the very least if you want them off your back.


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    #4
    confusedeire
    Registered Users Posts: 316 ✭✭confusedeire


    Xavi6 wrote: »
    Well it was pretty silly to leave something like this on the long finger, the more payments you miss the worse it is (obviously).

    What's your minimum payment? The AIB site suggests it's 3% or min €6.35 so surely your standing order of €100 would cover that? Or has that not been going through?

    Either way, you should pay those three minimums you've missed at the very least if you want them off your back.

    The minimum payment is €165 per month at 3% the €6.35 min payment is only valid if the 3% is less than that value


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    #5
    Cushie Butterfield
    Registered Users Posts: 1,861 ✭✭✭Cushie Butterfield


    Yep 3% is the minimun they will accept. So in your case that would be €165. You should ring them again & just ask what's the minimun payment that you can make this month.

    Coming to an arrangement is a different matter, involving sending in all sorts of documentation such as financial statements, details of current financial problems, cutting up your card which may result in them freezing interest & late fees/charges etc , which, going forward is something that you may want to consider if you are in financial distress, but for the time being you should at least pay €165 this month to avoid ruining your credit rating, & STOP using the card until you have a good chunk paid off.


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    #6
    Xavi6
    Registered Users Posts: 40,867 ✭✭✭✭Xavi6


    confusedeire wrote: »
    The minimum payment is €165 per month at 3% the €6.35 min payment is only valid if the 3% is less than that value

    Heh, my maths was terrible so good thing my days of calculating people's minimums is over!

    You're right, so that means the OP is €65 off a month (give or take) and needs to pay about €200 plus the next's month's €165 to make up for the three months of not hitting the minimum. That should set things straight credit rating wise.


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    #7
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    What exactly did they say on the letter? What I am getting at is that its very unusual that the banks wouldnt be willing to negotiate with customers in arrears, it is in their interest to do so. So I am guessing this is gone beyond the standard collections process and are perhaps considering legal action and this is possibly what is suggested on the letter received.

    Either way you should put together a budget of what you can afford and put forward this proposal to the bank and see what happens. You should also consider getting advice/help from MABS from www.mabs.ie and they should be able to assist you with a financial plan to tackle your debts. And they are free so nothing to lose.


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    #8
    awec
    Administrators Posts: 53,796 Admin ✭✭✭✭✭awec


    Does AIB not have a facility to set up a direct debit to pay your credit card every month for the minimal amount due on the day it's due?


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    #9
    conair12
    Registered Users Posts: 1 ✭conair12


    hi all, i lost my job about a year ago and i couldnt afford the credit card payments anymore, i got a letter from the bank stating that they cancelled my credit card account, and to ring them immediately to arrange payment of debt, i have a credit card bill of €5300. i am now working part time again and would be able to pay back a certain amount, but still maybe not the required amount each month....dose anybody have any experience with this? is it possible to make a deal with the bank? i could prob afford between €70 or €90 a month. Do you think they would accept this?

    thanks guys.


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