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Does a bank have to notify you of a loan or outstanding balance?

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  • 01-03-2014 10:10pm
    #1
    Drailen
    Registered Users Posts: 2 ✭


    I opened an AIB account, probably 13 years ago. I stopped using it about 7 years ago and it turns out I had a couple hundred owing on it. Now they say I owe them €400 but I have NEVER received any statement about it. The address is still the same. Can they charge me interest if I forgot it was there?

    This all happened around the time my ex husband had hurt his back and was out of work. I took out a 5k loan and then when I realised I could not pay it back I talked to the bank manager who said the best idea was to take out another 5k loan to pay the old one back. At the time I was under stress and honestly thought he knew what he was doing so I did that. I thought I had paid it off but turns out I had not. I never received any statement about it either and now they say I owe over €12k!

    I know you can blame me for not remembering and so on but at the time, I honestly am surprised I even came out of it.


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    #2
    Pro Hoc Vice
    Closed Accounts Posts: 6,087 ✭✭✭Pro Hoc Vice


    Before you speak to anyone in the bank, get advice from a solicitor. Please do not admit the loan in any way until you speak to a solicitor.


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    #3
    Drailen
    Registered Users Posts: 2 ✭Drailen


    infosys wrote: »
    Before you speak to anyone in the bank, get advice from a solicitor. Please do not admit the loan in any way until you speak to a solicitor.

    I am paying money off it though they said I had to :/


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    #4
    Pro Hoc Vice
    Closed Accounts Posts: 6,087 ✭✭✭Pro Hoc Vice


    Drailen wrote: »
    I am paying money off it though they said I had to :/

    Just for other people who may come across this thread there is a statute of limitations in Ireland in relation to civil cases, in debt collection its 6 years. If a person during or after that time accepts the debt (by for example paying) then the time limit starts again.

    A solicitor would have costs a few euro and may have saved thousands, FLAC is free, citizens advice is free and MABS is free.

    Go to MABS and solicitor.

    Also don't trust the advice of a person who has something to gain from what you do. That is I spoke because the Garda told me it would be better, the bank guy told me, the politician told me. Sorry for your troubles.


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