Trying to deal with outstanding debts - ICB report

Hi all,

Wonder if anyone can advise?

Over the past 5 years, I have had severe financial issues, due to failure of business, and then unemployment. I am now back on my feet thank god. Business resulted in debts to friends and family, and the need to pay these meant I was unable at times to pay off unsecured personal debts.
Now, I am trying to move forward , from a horrible few years. I am trying to face up to everything I left in my wake , and plucked up the courage to ask for a copy of my credit report from ICB. Knew it was going to horrible, but eventually decided I needed to know.

So this is the results :

Mortgage : fine no blemishes. Good to have something positive ( I don't live in the property , I rent a room elsewhere . Was me signing my name to it with my brother as it was seen as a good move by all at the time. All I did was sign my name... naive times ! )
Ulster Bank MasterCard. Amount €2297. They never chased it and to my shame I was happy to pretend it didn't exist. Says - Revoked - Scheduled removal date - July 2018
Friends First - Revolving Credit Account- was 10k debt but before I ceased payments I had it down to 1k. Says balance 0.00 . Status is - assigned to another party. Scheduled removal date -September 2018
Avant Card. Says latest balance date €5540 and last date 6 January 2013. I have been paying this at a rate of 110 euro per month to avant card and now Cabot financial. They froze interest. Status is element written off. Scheduled removal date Jan 2018.

I'm just hopeful , and would be very appreciative to hear of what would be the approach to take on these debts particularly the Friends First ( should I ring Friends First and ask who owns the debt now ? ) ,
and the Ulster Bank MasterCard ( approach them with a view to making payment arrangements ? Have always been amazed they haven't pursued me as I have my current account with them so they have my details )
and the Mbna/Avant card. Is that all I can do there?

I know I should have them cleared but I couldn't and then as I was forced to change addresses frequently through a period of instability , I took the easy option of not informing them to get some peace. I'm keen to try and improve my situation and want to get a mortgage in the future ( I have one technically but in name only ) .
I'm not ' young ' anymore and still want a future - 36

Apologies if I have sounded sorry for myself, not my intention at all! Just want to sort everything, do the best for my credit rating, and hopefully be in a position to move forward.

Many thanks in advance.

Tryingtofixit said:

Hi all,

Wonder if anyone can advise?

Over the past 5 years, I have had severe financial issues, due to failure of business, and then unemployment. I am now back on my feet thank god. Business resulted in debts to friends and family, and the need to pay these meant I was unable at times to pay off unsecured personal debts.
Now, I am trying to move forward , from a horrible few years. I am trying to face up to everything I left in my wake , and plucked up the courage to ask for a copy of my credit report from ICB. Knew it was going to horrible, but eventually decided I needed to know.

So this is the results :

Mortgage : fine no blemishes. Good to have something positive ( I don't live in the property , I rent a room elsewhere . Was me signing my name to it with my brother as it was seen as a good move by all at the time. All I did was sign my name... naive times ! )
Ulster Bank MasterCard. Amount €2297. They never chased it and to my shame I was happy to pretend it didn't exist. Says - Revoked - Scheduled removal date - July 2018
Friends First - Revolving Credit Account- was 10k debt but before I ceased payments I had it down to 1k. Says balance 0.00 . Status is - assigned to another party. Scheduled removal date -September 2018
Avant Card. Says latest balance date €5540 and last date 6 January 2013. I have been paying this at a rate of 110 euro per month to avant card and now Cabot financial. They froze interest. Status is element written off. Scheduled removal date Jan 2018.

I'm just hopeful , and would be very appreciative to hear of what would be the approach to take on these debts particularly the Friends First ( should I ring Friends First and ask who owns the debt now ? ) ,
and the Ulster Bank MasterCard ( approach them with a view to making payment arrangements ? Have always been amazed they haven't pursued me as I have my current account with them so they have my details )
and the Mbna/Avant card. Is that all I can do there?

I know I should have them cleared but I couldn't and then as I was forced to change addresses frequently through a period of instability , I took the easy option of not informing them to get some peace. I'm keen to try and improve my situation and want to get a mortgage in the future ( I have one technically but in name only ) .
I'm not ' young ' anymore and still want a future - 36

Apologies if I have sounded sorry for myself, not my intention at all! Just want to sort everything, do the best for my credit rating, and hopefully be in a position to move forward.

Many thanks in advance.

Click to expand...

.................
Trying to fix it.

A few positive things from what you say.
1. You have repaid friends/family .(that is very important).
2. You have worked your way back to a reasonable position.
3. You wish to repay debts , as best as possible.
4. You have kept Mortgage up to date.
.................................................
a. On mortgage, sounds like you have signed but no benefit from it?
If its a case brother got benefit because you co-signed , have him pay it or pass any benefit to you.
b. Friends 1st. Have sold the rump of their book to I think Everyday finance.
Everyday may come back to you (but since you changed address and amount is small) it is unlikely. ie forget about it.
c. Ulster , again looks like debt is now written off ,so let sleeping dogs lie.
d.Mbna/Avant/Cabot.
As things stand it will take you 4+ years to finish that.( I think that is too long to be hanging)
Unless you can clearly afford 110 per mth for 4+ years ,I would renegotiate.
eg offer 110 for 2 years as full and final settlement or circa 2,000 up front.
They will yowl but if no you send no funds for a couple of months ,it is amazing how your offer becomes attractive.
..................
Keep all communication in writing and keep copies/notes of everything.
When you get closure with Avant , you can then look at contacting Ulster/Friends First to then sort them at YOUR pace.

Hi Gerry,

First of all, thanks very much for the time to reply. It's really appreciated.

a. On mortgage, sounds like you have signed but no benefit from it?
If its a case brother got benefit because you co-signed , have him pay it or pass any benefit to you.

Well there is no benefit for either of us, it's in negative equity and rented out, and he pays the difference between rent and mortgage. In time we will both try to escape it by selling.


b. Friends 1st. Have sold the rump of their book to I think Everyday finance.
Everyday may come back to you (but since you changed address and amount is small) it is unlikely. ie forget about it.

Seems like this might be sensible. Damage is already done.

c. Ulster , again looks like debt is now written off ,so let sleeping dogs lie.

Seems strange that it has not been pursued. This is one that has always worried me.


d.Mbna/Avant/Cabot.
As things stand it will take you 4+ years to finish that.( I think that is too long to be hanging)

Will try in time to make an offer to speed up closure of this. Is disappointing that my credit record shows as W = Element written off, when in fact they froze interest after a large amount had accrued , and I have been paying this back from nearly 6k incl interest on a 5k card. Yes they wrote off future interest payments but no actual cash amount. Ah well.

With regards the dates all in 2018, of scheduled removal dates, does this mean after that my record will be 'clean' ? Or it will be another 24 months after that those records will disappear from my records? I guess people in my situation will be hoping that in the coming years banks are very keen to get customers onboard for mortgages , and view a certain period 2008-2014 as being 'unusual'. Wishful thinking possibly!

Thanks again Gerry for the advice.

Gerry Canning said:

.................
Trying to fix it.

A few positive things from what you say.
1. You have repaid friends/family .(that is very important).
2. You have worked your way back to a reasonable position.
3. You wish to repay debts , as best as possible.
4. You have kept Mortgage up to date.
.................................................
a. On mortgage, sounds like you have signed but no benefit from it?
If its a case brother got benefit because you co-signed , have him pay it or pass any benefit to you.
b. Friends 1st. Have sold the rump of their book to I think Everyday finance.
Everyday may come back to you (but since you changed address and amount is small) it is unlikely. ie forget about it.
c. Ulster , again looks like debt is now written off ,so let sleeping dogs lie.
d.Mbna/Avant/Cabot.
As things stand it will take you 4+ years to finish that.( I think that is too long to be hanging)
Unless you can clearly afford 110 per mth for 4+ years ,I would renegotiate.
eg offer 110 for 2 years as full and final settlement or circa 2,000 up front.
They will yowl but if no you send no funds for a couple of months ,it is amazing how your offer becomes attractive.
..................
Keep all communication in writing and keep copies/notes of everything.
When you get closure with Avant , you can then look at contacting Ulster/Friends First to then sort them at YOUR pace.

Click to expand...