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Credit Card Written Off

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  • 03-09-2013 9:19am
    #1
    hamsterboy
    Registered Users Posts: 1,536 ✭✭✭


    Hi All
    I've had a credit card with A.I.B. and due to personal circumstances I have been unable to make payments on the small(ish) amount owed on it (1500)
    This was 200 over my credit limit and I'll admit I didn't open any of their letters as I was unemployed and in a pretty bad place.
    Anyways I've gotten back into the work force now and have managed to pay off 1300 of the debt (in one transaction) but then I tried to use the card for a small purchase as I didn't have any cash and the card was declined.
    I rang them and they told me that the card has been written off as a bad debt and cannot be used. They told me to call their credit "something" department..... can't remember what they called it.
    Now I know this is my doing and I fully accept that I should have opened their letters but thing is I didn't.....
    Not looking for pity or hindsight but was just wondering exactly what happens now. I know I will have a black mark against my name regarding credit rating but it's not a big deal for me.
    The debt remains even though it is written off I believe and I have no problems paying it back ...... just wondering that if the bank sold the debt to a debt collecting agency and then I paid the bank.... what would happen etc...
    Thanks for reading

    HB


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    #2
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    In my experience no they have just frozen the interest and charges on the debt.

    I usually say only deal in writing with these companies but you will need to ring them and get a bit more information first.

    Get a pen and paper and write everything down, Ring and ask which section is dealing with the debt.

    I would guess that the debt has just been charged off, basically it has been changed into a loan that is not attracting interest and charges, but has been entered as a bad debt with the ICB.

    Get a balance and tell them the payments you will be making and how frequently, ask for the date that the debt will be repaid and keep note of this date. The bad debt will stay on your file for 5 years after this date.

    Ask for this information to be sent to you in writing or if they wont do that, sent the information back to them in writing referring to the call you made.


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    #3
    hamsterboy
    Registered Users Posts: 1,536 ✭✭✭hamsterboy


    Hey wmpdd3
    Thanks so much for the advice/info.
    Was looking around the net and everyone saying the same about the "only in writing" thing.... makes sense really.
    I will be paying off the remainder of the debt in 2 weeks and then closing the credit card account..... finally rid of that monkey.
    I'm kinda annoyed at myself about not opening the letters but like I said, didn't need any more bad news, been a rough year.
    So I'm gonna do as you said and ring them first to let them know what I intend to do and then from thereon ask to correspond through either email or letter (prefer email )

    Thanks again

    HB


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    #4
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    You are in the driving seat, you have paid and have the means to pay, they will be delighted to deal with you.
    Get the call made so you can say goodbye to ever having to deal with them again.


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


    wmpdd3 wrote: »
    You are in the driving seat, you have paid and have the means to pay, they will be delighted to deal with you.
    Get the call made so you can say goodbye to ever having to deal with them again.

    Agree here, now you have means to pay they will be happy to sort this out. May be quickest to ring them agree something out which you are happy with and put in writing to them confirming. If not comfortable to this just stick to doing it in writing.


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