Debit Written off Query

bizzieebee

Hello,

In 2008 my husband lost his job and I was on maternity leave, finances where tight and he couldn't continue to meet the repayments on our car, we had to prioritise our mortgage being met. The loan was with GE Money. After the car was taken back we didn't hear anymore from them.

We have never had any other credit issues over the years and we have never had any issues with applying for loans, credit cards etc.

My husband recently applied for a small loan and was refused, given he hadn't had issues applying for loans since the car he asked why, he was told to get a copy of his credit report that a bad debt from years ago with a company that may have left Ireland and recently come back under another name may now have handed over that information again.

We ordered a report from ICB and it was clear and then from the CCR where it showed up, it showed as a loan from 2008 but was showing that it was written off in 2018.

We where just about to start the process of moving and this has thrown a spanner in the works. We naively (looking back) assumed the car was sold and the balance used for this when we didn't hear anything from the lender, ever after the car was taken back.

So my questions are:

1. Is there a standard period of time given before a debt is written off?
I would like to know if it was written off in 2018 or prior to this and only placed on the CCR in 2018.
2. If a debt is written off are you still liable for it if you try contact the lender?
Its the only way I think we could confirm when the debt was written off and why nothing was placed on his credit reports for 10 years to now be showing the debt.
3.Is there anyway of getting this taken off or do we have to wait the 5 years for it to come off the reports (3 years at this point)?
4. It says online GE Money left Ireland in 2008, would anyone know if they came back to Ireland under a different name?

Many thanks in advance for any advice you could give us.

AnRothar

While you may have a defence of "statute barred" regarding being pursued over the debt.
The record of the debt remains.

The law appears to have been changed.
It now requires that all loans must be recorded.
There is a discussion here about it.

bizzieebee

AnRothar wrote: »

While you may have a defence of "statute barred" regarding being pursued over the debt.
The record of the debt remains.

The law appears to have been changed.
It now requires that all loans must be recorded.
There is a discussion here about it.

Thank you for the link to the other post it's a similar situation in regards to them posting the debts with the CCR after in 2018.

Do you mind me asking what statue barred is?

Jim2007

AnRothar wrote: »

The law appears to have been changed.

The law has not been changed, the ICB and CCR reports are two different things. The CCR is based on a common EU approach enshrined in Irish law in 2013. The reporting provisions of the act are being phased in as set out in the FAQ on the website.

The CCR is a more comprehensive overview of your credit status in that it includes what might be called unsettled debt. Meaning that institutions are required to report statute barred debt as well as write offs and cases where they have decided to no longer chase the debt.

bizzieebee

Jim2007 wrote: »

The law has not been changed, the ICB and CCR reports are two different things. The CCR is based on a common EU approach enshrined in Irish law in 2013. The reporting provisions of the act are being phased in as set out in the FAQ on the website.

The CCR is a more comprehensive overview of your credit status in that it includes what might be called unsettled debt. Meaning that institutions are required to report statute barred debt as well as write offs and cases where they have decided to no longer chase the debt.

Thank you for the reply Jim, would you know as this is down as written off will this stay on the report indefinitely or will it come off after the 5 year mark?

Jim2007

bizzieebee wrote: »

Do you mind me asking what statue barred is?

In certain circumstances where there has been no attempt by the lender to collect a debt and the actions of the borrower does not indicate that they acknowledge the debt, the debt becomes statute barred after six years meaning it can’t be enforced.

This does not mean that all debt uncollected after six years cannot be collected nor does it mean that if you ignore it for six years it will go away as some people seem to think.

bizzieebee

Jim2007 wrote: »

In certain circumstances where there has been no attempt by the lender to collect a debt and the actions of the borrower does not indicate that they acknowledge the debt, the debt becomes statute barred after six years meaning it can’t be enforced.

This does not mean that all debt uncollected after six years cannot be collected nor does it mean that if you ignore it for six years it will go away as some people seem to think.

This one was one we weren't aware of, naively thought when the car went back and we heard no more it was done. We have never had so much as a late payment since we fell on hard times that year.

I'm just confused as it's status is showing writen off if it stays on the report until paid or it falls off after the 5 years. Or if we clear it does that status update to closed and will it be a further 5 years until it comes off. If we pay the balance can we ask that it be removed because it could be classed as status barred.

We have had the means to pay it over the years and if we had of been aware of it my god it would have been addressed and sorted many many years ago.

I'm just trying to get a understanding of all options on the table to figure out what route is the shortest in terms of this coming off the CCR so that our life isn't on pause for 5 years if at all possible.

Shadow2019

bizzieebee wrote: »

This one was one we weren't aware of, naively thought when the car went back and we heard no more it was done. We have never had so much as a late payment since we fell on hard times that year.

I'm just confused as it's status is showing writen off if it stays on the report until paid or it falls off after the 5 years. Or if we clear it does that status update to closed and will it be a further 5 years until it comes off. If we pay the balance can we ask that it be removed because it could be classed as status barred.

We have had the means to pay it over the years and if we had of been aware of it my god it would have been addressed and sorted many many years ago.

I'm just trying to get a understanding of all options on the table to figure out what route is the shortest in terms of this coming off the CCR so that our life isn't on pause for 5 years if at all possible.

In a similar position with a company who left Ireland and sold debt.
Is the provider on your record a debt collection agency such as Cabot/Interim Justica etc? The record is removed 5 years from account closed date. In my case I paid in March 2019 so this will be removed in March 2024.

What is the status on the loan? When is the last time they added performance data?

Shadow2019

bizzieebee wrote: »

This one was one we weren't aware of, naively thought when the car went back and we heard no more it was done. We have never had so much as a late payment since we fell on hard times that year.

I'm just confused as it's status is showing writen off if it stays on the report until paid or it falls off after the 5 years. Or if we clear it does that status update to closed and will it be a further 5 years until it comes off. If we pay the balance can we ask that it be removed because it could be classed as status barred.

We have had the means to pay it over the years and if we had of been aware of it my god it would have been addressed and sorted many many years ago.

I'm just trying to get a understanding of all options on the table to figure out what route is the shortest in terms of this coming off the CCR so that our life isn't on pause for 5 years if at all possible.

In a similar position with a company who left Ireland and sold debt.
Is the provider on your record a debt collection agency such as Cabot/Interim Justica etc? The record is removed 5 years from account closed date. In my case I paid in March 2019 so this will be removed in March 2024.

What is the status on the loan? When is the last time they added performance data?

bizzieebee

Shadow2019 wrote: »

In a similar position with a company who left Ireland and sold debt.
Is the provider on your record a debt collection agency such as Cabot/Interim Justica etc? The record is removed 5 years from account closed date. In my case I paid in March 2019 so this will be removed in March 2024.

What is the status on the loan? When is the last time they added performance data?

Its showing under Cabot although we never heard of them or from them in over 12 years.

Its status is showing as closed and the last update was in 2018 with an entry marked as written off. This was the same time it appeared on the CCR report before this is didn't appear anywhere.

Drifter50

bizzieebee wrote: »

Its showing under Cabot although we never heard of them or from them in over 12 years.

Its status is showing as closed and the last update was in 2018 with an entry marked as written off. This was the same time it appeared on the CCR report before this is didn't appear anywhere.

Cabot Financial purchased a large number of debts for GE Capital, National Irish Bank and others. Although the debt shows as written off the record seems to remain on the ICB record. I think the new central credit register is more dynamic

Squiggle

Cabot are not members of the ICB which is why loans taken over by Cabot don't appear on debtor's ICB records.

They are, however, obliged to provide information to the Central Credit Register on loans of €500 or more.

bizzieebee

Squiggle wrote: »

Cabot are not members of the ICB which is why loans taken over by Cabot don't appear on debtor's ICB records.

They are, however, obliged to provide information to the Central Credit Register on loans of €500 or more.

That's correct as the ICB reports are completely clear of debt when we requested them. It is only showing on the CCR

Shadow2019

It would be worthwhile calling the CCR helpline to determine when the current account details will remove from the CCR (if last update 2018 then should be 2023) if you engage and pay the clock resets. I had a case based on the communication but I paid on full to close out. Next steps will depend on your circumstances. You can add a note onto the CCR but a lender won’t look favourably on a written off debt.